{
  "url": "https://openlegislation.uk/exchange-gains-and-losses-transitional-provisions-regulations-1994/regulation-20",
  "json_url": "https://openlegislation.uk/exchange-gains-and-losses-transitional-provisions-regulations-1994/regulation-20.json",
  "legislation": "uksi/1994/3226",
  "legislation_title": "The Exchange Gains and Losses (Transitional Provisions) Regulations 1994",
  "legislation_url": "https://openlegislation.uk/exchange-gains-and-losses-transitional-provisions-regulations-1994",
  "path": "regulation/20",
  "kind": "regulation",
  "number": "20",
  "heading": "Deemed gains and losses",
  "text": "Table C or D set out below (as appropriate) shall apply in relation to an asset or liability as respects which an initial exchange gain or loss accrues to a company for an accrual period (“the current period”), determined disregarding this regulation and regulations 21 and 22 and the regulation 2(2) provisions, and as respects which there is—\n(a) a post—commencement net gain, X, or\n(b) a post—commencement net loss, Y,\nand if the primary condition and the secondary condition (if any) are satisfied, any initial exchange gain or loss which (apart from this regulation) would accrue to the company for the current period (“the actual gain or loss”) shall be deemed not to accrue but the gain or loss specified in the third column of the Table in relation to those conditions shall be deemed to accrue and shall be an initial exchange gain or loss (as the case may be) accruing in the place of the actual gain or loss.\nTABLE C\nIf there is a post—commencement net gain X\nPrimary condition\nSecondary condition\nDeemed gain or loss\n1 Overall exchange gain Z and no cumulative taxed gain or loss\nX is greater than Z\nGain equal to Z\n2 Overall exchange gain Z and a cumulative taxed gain G\ni Z is not greater than G and X is greater than Z\ni Loss equal to G — Z\nii Z is greater than G and X is greater than Z\nii Gain equal to Z — G\niii X is not greater than Z nor greater than G\niii Loss equal to G — X\niv X is not greater than Z but is greater than G\niv Gain equal to X — G\n3 Overall exchange gain Z and a cumulative taxed loss L\ni X is greater than Z\ni Gain equal to Z + L\nii X is not greater than Z\nii Gain equal to X + L\n4 Overall exchange loss W and no cumulative taxed gain or loss\nLoss equal to zero\n5 Overall exchange loss W and a cumulative taxed gain G\nLoss equal to G\n6 Overall exchange loss W and a cumulative taxed loss L\nGain equal to L\nTABLE D\nIf there is a post—commencement net loss Y\nPrimary condition\nSecondary condition\nDeemed gain or loss\n1 Overall exchange loss W and no cumulative taxed gain or loss\nY is greater than W\nLoss equal to W\n2 Overall exchange loss W and a cumulative taxed loss L\ni W is not greater than L and Y is greater than W\ni Gain equal to L — W\nii W is greater than L and Y is greater than W\nii Loss equal to W — L\niii Y is not greater than W nor greater than L\niii Gain equal to L — Y\niv Y is not greater than W but is greater than L\niv Loss equal to Y — L\n3 Overall exchange loss W and a cumulative taxed gain G\ni Y is greater than W\ni Loss equal to W + G\nii Y is not greater than W\nii Loss equal to Y + G\n4 Overall exchange gain Z and no cumulative taxed gain or loss\nLoss equal to zero\n5 Overall exchange gain Z and a cumulative taxed loss L\nGain equal to L\n6 Overall exchange gain Z and a cumulative taxed gain G\nLoss equal to G",
  "extent": null,
  "status": null,
  "version": "current",
  "annotations": [],
  "outstanding_effects": [],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/uksi/1994/3226/regulation/20",
    "retrieved_at": "2026-10-29T13:20:08.181059+00:00"
  },
  "licence": "Open Government Licence v3.0",
  "licence_url": "https://www.nationalarchives.gov.uk/doc/open-government-licence/version/3/",
  "attribution": "Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives."
}