Related Commentary  Related HMRC Manuals

7(1)  This section applies if, for a period of account, in accordance with generally accepted accounting practice–

(a)a UK resident company (other than a UK resident investment company) prepares its accounts in one currency,

(b)in those accounts it identifies another currency as its functional currency, and

(c)that other currency is not sterling.

7(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 one currency,

(b)either–

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