Regulation 2 Interaction with other Exchange Gains and Losses provisions

Subject to any provision to the contrary, in any case where a calculation falls to be made in relation to an existing asset, liability or contract in accordance with any of these Regulations and at the same time or in relation to the same event a calculation also falls to be made in relation to that asset, liability or contract in accordance with any of the provisions specified in paragraph (2) below, then the calculation to be made in accordance with these Regulations shall be made first and shall have effect for the purposes of the calculation falling to be made in accordance with any of those provisions.

The provisions referred to above are the following—

• Sections 136, 137 and 139 to 141 of the 1993 Act;

• The Exchange Gains and Losses (Alternative Method of Calculation of Gain or Loss) Regulations 1994^f1;

• The Exchange Gains and Losses (Deferral of Gains and Losses) Regulations 1994^f2.