Related Commentary  Related HMRC Manuals

172(1)  This Chapter applies if–

(a)an amount received by, or owed to, a company carrying on a trade (“the trader”) is brought into account as a receipt in calculating the profits of the trade,

(b)the amount is paid or owed in a territory outside the United Kingdom, and

(c)some or all of the amount is unremittable.

172(2)  An amount received is unremittable if it cannot be transferred to the United Kingdom merely because of foreign exchange restrictions.

172(3)  An amount owed is unremittable if it cannot be paid in the United Kingdom and–

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