606 Exchange gains and losses
Corporation Tax Act 2009 (2009 c 4) | Legislation

.Ìý.Ìý.

606  Exchange gains and losses

(1)ÌýÌýÌýÌý The reference in [section 594A(1)] to the profits and losses arising to a company from its derivative contracts includes a reference to exchange gains and losses so arising.

(2)ÌýÌýÌýÌý .Ìý.Ìý.

[(2A)ÌýÌýÌýÌý .Ìý.Ìý.]

[(3)ÌýÌýÌýÌý But subsection (1) does not apply to an exchange gain or loss of a company so far as it—

(a)ÌýÌýÌýÌý arises as a result of the translation of the assets, liabilities, income and expenses of all or part of the company's business from the functional currency of the business, or that part of the business, into another currency, and

(b)ÌýÌýÌýÌý has been recognised as an item of other comprehensive income.

(3A)ÌýÌýÌýÌý In subsection (3)—

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