SCHEDULE 7 Investment Companies
Finance Act 2011 (2011 c 11) | Legislation

SCHEDULE 7 Investment Companies

Section 34

Amendments of Chapter 4 of Part 2 of CTA 2010

1

(1)     Section 6 of CTA 2010 (UK resident company operating in sterling and preparing accounts in another currency) is amended as follows.

(2)     In subsection (1), after “company†insert “(other than a UK resident investment company)â€.

(3)     After that subsection insert—

“(1A)     This section also applies if, for a period of account, a UK resident investment company—

(a)     in accordance with generally accepted accounting practice, prepares its accounts in a currency other than sterling, and

(b)     either—

(i)     has sterling as its designated currency for that period of account (see sections 9A and 9B), or

(ii)     if it does not have a designated currency for that period, in those accounts identifies sterling as its functional currency in accordance with generally accepted accounting practice.â€

2

(1)     Section 7 of that Act (UK resident company operating in currency other than sterling and preparing accounts in another currency) is amended as follows.

(2)     In subsection (1), in paragraph (a), after “company†insert “(other than a UK resident investment company)â€.

(3)     After that subsection insert—

“(1A)     This section also

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