The Exchange Gains and Losses (Transitional Provisions) Regulations 1994

Statutory Instrument 1994 No. 3226

The Exchange Gains and Losses (Transitional Provisions) Regulations 1994

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STATUTORY INSTRUMENTS

1994 No. 3226

INCOME TAX

The Exchange Gains and Losses (Transitional Provisions) Regulations 1994

Made

15th December 1994

Laid before the House of Commons

16th December 1994

Coming into force

23rd March 1995

ARRANGEMENT OF REGULATIONS

PART I
INTRODUCTORY PROVISIONS
1.	Citation, commencement and interpretation.
2.	Interaction with other Exchange Gains and Losses provisions.
PART II
MISCELLANEOUS TRANSITIONAL PROVISIONS
3.	Delayed application of Chapter II in relation to certain fluctuating debts.
4.	Bad debts.
5.	Exchange rate at translation times.
6.	Basic valuation.
PART III
PRE—COMMENCEMENT GAINS AND LOSSES: CASE I ASSETS AND LIABILITIES AND CAPITAL ASSETS
7.	Interpretation.
8.	Attributed gains and losses: trade assets and liabilities.
9.	Attributed gains and losses: regulation 6(3) assets.
10.	The cumulative gain and the cumulative loss.
11.	The cumulative taxed gain and the cumulative taxed loss.
12.	Assets and liabilities as respects which there is an attributed gain or loss.
13.	Gains and losses on disposal of assets and liabilities.
14.	Further provisions relating to regulation 6(3) assets.
15.	Elections to treat pre—commencement day gains and losses as accruing after commencement day over 6 year period.
16.	Set off of certain pre—commencement losses against gains.
PART IV
PRE—COMMENCEMENT GAINS AND LOSSES: DEBTS OF FIXED AMOUNTS
17.	Application, etc. of Part IV.
18.	Post—commencement net gains and losses and pre—commencement gains and losses.
19.	Overall exchange gains and losses and cumulative taxed gains and losses.
20.	Deemed gains and losses.
21.	Modification of regulations 18 to 20 where nominal amount of debt increases after commencement.
22.	Replacement loans.

Explanatory Note
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