Related HMRC Manuals

705(1)  References in this Part to exchange gains or exchange losses, in relation to a company, are references respectively to–

(a)profits or gains which arise as a result of comparing at different times the expression in one currency of the whole or some part of the valuation put by the company in another currency on an asset or liability of the company, or

(b)losses which so arise.

705(2)  If the result of such a comparison is that neither an exchange gain nor an exchange loss arises, for the purposes of this Part an exchange gain of nil is taken to arise in the case of that comparison.

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