[CFM86340] CFM86340 – Old rules: forex and accounts drawn up in a foreign currency: matching: transition from FA 1993 regime: amounts deferred under Reg 9
FA 1993 forex: transitional rules: amounts deferred under Regulation 9
This guidance applies for accounting periods between 1 October 2002 and 1 January 2005
Reg 9 deferred the bringing into account of exchange gains or losses on assets disposed of in a transaction to which TCGA92/S116 or TCGA92/S127 applied.
The amount that would have been brought into account in the absence of Reg 9 was calculated and deferred until a disposal of the new holding. On the subsequent disposal of the new holding a deferred gain would be added to the consideration received. A deferred loss would be deducted from the consideration received.