CFM64040 - Foreign exchange: accounts drawn up in a foreign currency: outline of changes from FA09 onwards

CTA10/S9A-9C, 12-16

A number of changes have subsequently been made to augment the rules introduced by FA04.

FA09

Changes were made which effectively allowed losses to be carried forward or back in a currency other than sterling. Also, the rules for translating currency amount were tidied up. The rules are applicable to periods of account beginning on or after 27 December 2007, subject to election for a later start date. They are found at CTA10/S10-16. See CFM 64310+.

FA11, F(2)A15

Provision was made to allow UK investment companies satisfying the necessary conditions to elect to apply a designated currency to compute profits chargeable to CT, CTA10/S9A,9B. These rules were applicable to periods of account beginning on or after 1 April 2011.

Some amendments were made by F(2)A15 relating to periods of account beginning on or after 1 January 2016. For guidance see CFM64500+.

FA13

Rules were introduced (CTA10/S9C) to allow company’s chargeable gains on shares, ships and aircraft to be computed in a currency other than sterling in defined circumstances. The rules apply to disposals on or after 30 September 2013. See CFM64180.