{
  "url": "https://openlegislation.uk/exchange-gains-and-losses-transitional-provisions-regulations-1994/regulation-8",
  "json_url": "https://openlegislation.uk/exchange-gains-and-losses-transitional-provisions-regulations-1994/regulation-8.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/8",
  "kind": "regulation",
  "number": "8",
  "heading": "Attributed gains and losses: trade assets and liabilities",
  "text": "(1) Paragraph (3) below applies in relation to an existing asset held by a qualifying company—\n(a) if a profit or loss would have accrued to the company if it had disposed of the asset immediately before the company’s commencement day for a consideration equal to the asset’s basic valuation; and\n(b) that profit or loss would have been taken into account in computing for the purposes of corporation tax the profits and gains of a trade carried on by the company for the accounting period which includes the day immediately before the company’s commencement day.\n(2) Paragraph (3) below applies in relation to an existing liability owed by a qualifying company—\n(a) if a profit or loss would have accrued to the company—\n(i) in a case falling within section 153(2)(a), if the liability had been satisfied in full by the company immediately before the company’s commencement day, or\n(ii) in a case falling within section 153(2)(c) or (d), if the right to settlement or the share or shares in question (as the case may be) had been acquired by the company immediately before the company’s commencement day for a consideration equal to the consideration for the company becoming subject to the liability, and\n(b) that profit or loss (if it had accrued) would have been taken into account in computing for the purposes of corporation tax the profits and gains of a trade carried on by the company for the accounting period ending immediately before the company’s commencement day.\n(3) The amount of any such profit or loss as is mentioned in paragraph (1) or (2) above reduced in accordance with paragraph (4) below if applicable, shall be attributed to the asset or liability (as the case may be) and—\n(a) in the case of a profit shall be attributed as a gain, and\n(b) in the case of a loss shall be attributed as a loss.\n(4) In any case where unrealised exchange differences which have accrued in respect of the asset or liability are taken into account for the purposes of corporation tax for the accounting period ending immediately before the company’s commencement day or any earlier accounting period, the amount of the profit or loss referred to in paragraph (3) above shall be reduced by an amount equal to the amount of those differences.\n(5) Section 159 applies for the purposes of this regulation as modified by regulation 6 above.",
  "extent": null,
  "status": null,
  "version": "current",
  "annotations": [],
  "outstanding_effects": [
    {
      "type": "words substituted",
      "affecting": "uksi/2002/1969",
      "affecting_title": "The Exchange Gains and Losses (Transitional Provisions and Savings) Regulations 2002"
    }
  ],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/uksi/1994/3226/regulation/8",
    "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."
}