{
  "url": "https://openlegislation.uk/local-currency-elections-regulations-1994/regulation-6",
  "json_url": "https://openlegislation.uk/local-currency-elections-regulations-1994/regulation-6.json",
  "legislation": "uksi/1994/3230",
  "legislation_title": "The Local Currency Elections Regulations 1994",
  "legislation_url": "https://openlegislation.uk/local-currency-elections-regulations-1994",
  "path": "regulation/6",
  "kind": "regulation",
  "number": "6",
  "heading": "Factors relevant to the determination of the primary economic environment",
  "text": "In determining whether a currency is the currency of the primary economic environment in which a trade or any part of a trade is carried on, regard shall be had to all relevant circumstances including in particular (in so far as they may be relevant) the following factors, that is to say—\n(a) the currency in which the net cash flows of the trade or part are generated or expressed in the relevant accounting records;\n(b) the currency in which the company manages the profitability of the trade or part so far as it is affected by currency exposure;\n(c) in the case of a company which is resident in the United Kingdom, the currency in which the company’s share capital and its reserves are denominated;\n(d) the currency to which the company, or, where the trade or part is carried on through a branch, that branch, is exposed in its long term capital borrowing (of any kind whatsoever);\n(e) the currency which is the generally recognised currency in which trading in the principal market of the trade or part is carried on.",
  "extent": null,
  "status": null,
  "version": "current",
  "annotations": [],
  "outstanding_effects": [],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/uksi/1994/3230/regulation/6",
    "retrieved_at": "2026-10-29T13:20:05.059381+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."
}