{
  "url": "https://openlegislation.uk/finance-act-1993/schedule-15/paragraph-3",
  "json_url": "https://openlegislation.uk/finance-act-1993/schedule-15/paragraph-3.json",
  "legislation": "ukpga/1993/34",
  "legislation_title": "Finance Act 1993",
  "legislation_url": "https://openlegislation.uk/finance-act-1993",
  "path": "schedule/15/paragraph/3",
  "kind": "paragraph",
  "number": "3",
  "heading": null,
  "text": "(1) Regulations may provide that where—\n(a) as regards an asset falling within section 153(1)(a) or (b) of this Act an initial exchange gain or initial exchange loss accrues to a company for an accrual period under section 125 or 127 of this Act or would so accrue apart from regulations under this Schedule,\n(b) at any time on a day in the period income represented by the asset was unremittable, and\n(c) such other conditions as may be prescribed are fulfilled,\nthe amount of the gain or loss shall be found in accordance with the alternative method of calculation.\n(2) Regulations may also provide that as regards any such day as is mentioned in sub-paragraph (1) above the accrued amount shall be ascertained in accordance with prescribed rules.\n(3) Regulations may be so framed that the accrued amount as regards a day depends on the extent to which the income represented by an asset is unremittable.\n(4) For the purposes of this paragraph income is unremittable if—\n(a) a claim under subsection (2) of section 584 of the Taxes Act 1988 (relief for unremittable income) has been made in relation to the income,\n(b) paragraphs (a) and (b) of that subsection apply to it, and\n(c) those paragraphs have not ceased to apply to it.",
  "extent": "E+W+S+N.I.",
  "status": null,
  "version": "current",
  "annotations": [
    {
      "type": "F",
      "label": "F1",
      "text": "Sch. 15 para. 3(4)(a)-(c) substituted (29.4.1996 with effect as mentioned in s. 134(2)(3) of the amending Act) by 1996 c. 8, s. 134, Sch. 20 para. 70"
    }
  ],
  "outstanding_effects": [],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/ukpga/1993/34/schedule/15/paragraph/3",
    "retrieved_at": "2026-10-29T09:34:56.691459+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."
}