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

694  Exchange gains and losses

(1)     Subsections (2) to (7) apply if—

(a)     a company is a party to a derivative contract in an accounting period, and

(b)     an exchange gain or exchange loss arises to the company for the accounting period from the contract.

(2)     Subsection (3) applies if as a result of [Part 4 of TIOPA 2010] (provision not at arm's length) the company's profits and losses are calculated for tax purposes as if it were not a party to the contract.

(3)     Any exchange gains or losses which arise to the company from the contract for the accounting period are left out of account in determining the credits and debits to be brought into account in accordance with this Part.

[(3A)     If the contract is to any extent matched, subsection (3) applies to

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