{
  "url": "https://openlegislation.uk/finance-act-2004/schedule-10/paragraph-79",
  "json_url": "https://openlegislation.uk/finance-act-2004/schedule-10/paragraph-79.json",
  "legislation": "ukpga/2004/12",
  "legislation_title": "Finance Act 2004",
  "legislation_url": "https://openlegislation.uk/finance-act-2004",
  "path": "schedule/10/paragraph/79",
  "kind": "paragraph",
  "number": "79",
  "heading": null,
  "text": "Where a company carries forward to its first period of account beginning on or after 1st January 2005 an amount by way of—\n(a) management expenses brought forward under section 75 of the Taxes Act 1988,\n(b) losses brought forward under section 392B or 393 of that Act, or\n(c) non-trading deficits on loan relationships brought forward under section 83 of the Finance Act 1996,\nthat amount shall be translated into sterling using the London closing exchange rate for the last day of the previous period of account.",
  "extent": null,
  "status": null,
  "version": "current",
  "annotations": [
    {
      "type": "F",
      "label": "F1",
      "text": "Sch. 10 para. 79 and cross-heading inserted (7.4.2005) by Finance Act 2005 (c. 7), Sch. 4 para. 51"
    }
  ],
  "outstanding_effects": [],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/ukpga/2004/12/schedule/10/paragraph/79",
    "retrieved_at": "2026-10-29T09:17:16.113356+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."
}