[2017] UKFTT 0151 (TC)

[The appeal against this decision is reported at [2018] BTC 532.]

Judge John Brooks, John Agboola

Decision released 8 February 2017

Corporation tax – Change in local currency – Whether accounts comply with UK generally accepted accounting practice – Yes – Whether exchange differences are ‘exchange losses’ – Yes – Whether exchange differences ‘fairly represent’ a loss – Yes – Appeal allowed.

  Foreign exchange differences arising on a change of functional currency were held by the First-tier Tribunal to be tax deductible.

Summary

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