Computation of profits or losses, currency to be used

Functional currency

Legislation/Regulatory – FA2000 s. 105(2)-(5)

Parts of trades

Legislation/Regulatory – FA2000 s. 105(2)-(5)

Sterling

Legislation/Regulatory – FA2000 s. 105(2)-(5)

Definition

Case Law – Lord (HM Inspector of Taxes) v. Tustain; Lord (HM Inspector of Taxes) v. Chapple. [1993] BTC 447

Generally

Commentary – Tax Reporter ¶550-550 ; Tax Reporter ¶572-700 ; Tax Reporter ¶574-600
HMRC Guidance – CG64090 ; CG66941

Losses on unquoted/unlisted shares

– see Losses

Meaning

Legislation/Regulatory – ICTA88 s. 576(5), 756 ; TCGA92 Sch. 7ZA, Pt. 1, para. 1
HMRC Guidance – INTM254410 ; INTM254810 ; VCM70130 ; VCM71010 ; VCM72040 ; VCM74330 ; VCM74640 ; VCM75000 ; VCM75100 ; VCM75110 ; VCM75120

Offshore funds, investments, pre-July 2004

Commentary – Tax Reporter ¶784-610

Purchase of own shares

– see Purchase by company of own shares

Taper relief

Legislation/Regulatory – IRInt. 220