Related Commentary  Related HMRC Manuals

6(1)  This section applies if, for a period of account, in accordance with generally accepted accounting practice, a UK resident company (other than a UK resident investment company)–

(a)prepares its accounts in a currency other than sterling, and

(b)in those accounts identifies sterling as its functional currency.

6(1A)  This section also applies if, for a period of account, a UK resident investment company–

(a)in accordance with generally accepted accounting practice, prepares its accounts in a currency other than sterling, and

(b)either–

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