Assimilation of forex into loan relationships and derivative contracts

The FA 2002 changes brought the tax treatment of exchange gains and losses even closer to the accounting treatment. FA 2002 repealed the FA 1993 forex provisions with effect for accounting periods beginning on or after 1 October 2002. It also repealed FA96/SCH9/PARA4, which had previously ensured that exchange differences were not included in the computation of loan relationships credits and debits.

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