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Regulation 7 Provisions supplementary to regulations 4, 5 and 6

Original text. Later amendments are not shown.

(1)

Where the election specifies more than one currency for parts of a trade, regulations 4, 5 and 6 shall apply separately in relation to each currency and each part of the trade.

(2)

In regulations 4, 5 and 6, except where the context otherwise requires—

(a)

any reference to accounts, in relation to an election, is a reference to the accounts of the company making the election for the accounting period for which the election is to have effect; and

(b)

any reference to relevant accounting records, in relation to an election, is a reference to the accounting records, relating to the trade or that part of a trade to which the election refers, for the accounting period for which the election is to have effect.