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HMRC internal manual

Corporate Finance Manual

Old rules: forex and accounts drawn up in a foreign currency: matching: transition from FA 1993 regime: overview

FA 1993 forex: transitional rules: overview

This guidance applies for accounting periods between 1 October 2002 and 1 January 2005 

In order to deal with the transition from the FOREX regime to the loan relationship and derivative contract rules, the 1994 Regulations (the old Matching Regulations in SI1994/3227) were amended.

The changes and transitional adjustments needed as a result are covered in the following pages. This guidance will be relevant if (and only if) a company disposes of an asset that was, in a period beginning before 1 October 2002, matched under the elective matching regime prescribed by the 1994 regulations. The disposal itself may be at any time. Such a disposal will trigger the bringing into charge of gains or losses deferred under the transitional provisions (see CFM86300) as well as any amounts held over under Reg 8 (CFM86330) or Reg 9 (CFM86340) of the 1994 Regulations.