[CFM62230] CFM62230 – Foreign exchange: matching under SSAP 20: mandatory matching for tax purposes
Matching under primary legislation
Matching is mandatory for accounting periods starting on or after 1 October 2002.
CTA09/S328(1) puts it beyond doubt that exchange gains and losses are within the loan relationship regime. Subsection (3), however, excludes the immediate bringing into account of exchange gains and losses in certain cases. It will apply where:
•All or part of an exchange gain or loss on a liability insofar as it has been taken to reserves and matched in accordance with GAAP with an exchange loss or gain on an asset.