[2017] UKFTT 151 (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.


Need help? Get subscribed!

To subscribe to this content, simply call 0800 231 5199

We can create a package that’s catered to your individual needs.

Or book a demo to see this product in action.