Currency | Croner-i Tax and Accounting

Accounting principles and practices

– see Accounting principles and practices

Accounts of a UK resident company, meaning

Legislation/Regulatory – CTA2010 s. 17

HMRC Guidance – CFM64110 ; CFM64360 ; CFM64390 ; CFM64510 ; CG40900

Adjustment of sterling losses

Carried-back amounts

Legislation/Regulatory – CTA2010 s. 14

HMRC Guidance – CFM64445

Carried-forward amounts

Legislation/Regulatory – CTA2010 s. 15

HMRC Guidance – CFM64445

Adoption of single European currency

Legislation/Regulatory – FA98 s. 163

Carried-back amount, meaning

Legislation/Regulatory – CTA2010 s. 17

Carried-forward amount, meaning

Legislation/Regulatory – CTA2010 s. 17

Chattel exemption

Commentary – Quick Overview ¶14455 ; Tax Reporter ¶509-050

HMRC Guidance – CG76870 ; CG76881 ; CG76900 ; CG76901 ; CG76905

Company's functional currency, meaning

Legislation/Regulatory – CTA2010 s. 17

Controlled foreign companies

Legislation/Regulatory – FA2012 Sch. 20, para. 57 ; TIOPA2010 s. 371SH, 371SI

Exchange gains and losses

– see Foreign exchange gains and losses

Financial instruments for managing currency risk

– see Financial instruments

Forged, illegal import

Commentary – Indirect Tax Reporter ¶10-045

Interpretation

Legislation/Regulatory – CTA2010 s. 17

Investment companies, functional currency

Derivative contracts

Legislation/Regulatory – CTA2009 s. 606(2A)

Generally

Legislation/Regulatory – CTA2010 s. 6(1A), 7(1A), (4), 9A, 9B, 17(3A)

Loan relationships

Legislation/Regulatory – CTA2009 s. 328(2A)

Lloyd's underwriters

Legislation/Regulatory – FA94 s. 226(3)

HMRC Guidance – LLM4090

Loss carry-back

Adjustment of certain sterling losses

Legislation/Regulatory – CTA2010 Sch. 2, para. 12

Carried-back amount, meaning

Legislation/Regulatory – CTA2010 s. 17

Computation in currency other than sterling

Legislation/Regulatory – CTA2010 s. 14

Conversion into sterling from another currency

Legislation/Regulatory – CTA2010 s. 12

HMRC Guidance – CFM64161 ; CFM64350 ; CFM64410 ; CFM64420 ; CFM64460

Right of company to elect for alternative provisions to apply

Legislation/Regulatory – CTA2010 Sch. 2, para. 13-16

Sterling equivalent

Legislation/Regulatory – CTA2010 Sch. 2, para. 11

Loss carry-forward

Carried-forward amount, meaning

Legislation/Regulatory – CTA2010 s. 17

Computation in currency other than sterling

Legislation/Regulatory – CTA2010 s. 15

Conversion into sterling from another currency

Legislation/Regulatory – CTA2010 s. 13

HMRC Guidance – CFM64162 ; CFM64380

Profit against which carried-forward amount to be set off, meaning

Legislation/Regulatory – CTA2010 s. 16

National, conversion rates

Legislation/Regulatory – Dir. 2006/112 art. 399, 400

Non-resident companies preparing accounts in currency other than sterling

Legislation/Regulatory – CTA2010 s. 9

HMRC Guidance – CFM64140 ; INTM255660

Profit against which carried-forward amount to be set off, meaning

Legislation/Regulatory – CTA2010 s. 16

Tax calculation currency of a company, meaning

Legislation/Regulatory – CTA2010 s. 17

Transactions, exemption

Legislation/Regulatory – Dir. 2006/112 art. 135(1)(e)

Translation of amounts into other currencies

Appropriate exchange rate, method of determination

Legislation/Regulatory – CTA2010 s. 10

HMRC Guidance – CFM64040

Loss carry-back, conversion into sterling from another currency

Legislation/Regulatory – CTA2010 s. 12

Loss carry-forward, conversion into sterling from another currency

Legislation/Regulatory – CTA2010 s. 13

Non-sterling currency into sterling

Legislation/Regulatory – CTA2010 s. 11

HMRC Guidance – CFM64161 ; CFM64162 ; CFM64170 ; CFM64330 ; CFM64445 ; CFM64460 ; INTM255660

UK resident companies

Basic rule, sterling to be used

Legislation/Regulatory – CTA2010 s. 5 ; FA2013 s. 66

HMRC Guidance – CFM64030 ; CFM64100 ; CFM64130 ; CFM64350 ; CFM64380 ; CTM80340 ; CTM80345

Disposals of ships/aircraft or shares

Legislation/Regulatory – CTA2010 s. 9C ; FA2013 s. 66

Operating in currency other than sterling and preparing accounts in another currency

Legislation/Regulatory – CTA2010 s. 7

HMRC Guidance – CFM64120 ; CFM64160 ; CFM64170 ; INTM239900

Operating in sterling and preparing accounts in another currency

Legislation/Regulatory – CTA2010 s. 6

HMRC Guidance – CFM64100 ; CFM64120 ; CFM64130 ; CFM64180 ; INTM239300 ; INTM239900 ; INTM255660

Preparation of accounts in another currency

Legislation/Regulatory – CTA2010 s. 8

HMRC Guidance – CFM64130 ; CFM64160