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.

Want to read more?

This content requires a Croner-i Tax and Accounting subscription.

Existing subscriber? Log in

No subscription?

Contact us to discuss your requirements.