STERLING EQUIVALENT OF CERTAIN LOSSES CARRIED BACK TO AN EARLIER PERIOD

Related Commentary  

11(1)  This paragraph applies if–

(a)a loss of a company (arising in an accounting period ending on or after 1 April 2010) (“the loss”) is required by section 7, 8 or 9 to be translated from a currency other than sterling into its sterling equivalent, and

(b)the loss is to be a carried-back amount that is to be carried back to an accounting period beginning before 29 December 2007.

11(2)  Section 12 (sterling equivalents: carried-back amounts) does not have effect in relation to the loss.

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