Related Commentary  

3(1)  Regulation 4 applies in any of the circumstances prescribed by paragraphs (1A), (2) and (3) below.

3(1A)  The circumstances prescribed by this paragraph are that–

(a)there is a disposal of an asset by a company in an accounting period beginning on or after 1st January 2005; and

(b)in relation to a liability representing a loan relationship of the company or an obligation under a derivative contract of the company, an exchange gain or loss arose to the company which–

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