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Finance Act 2004 Part 4 — Foreign currency accounting
Main provisions
Consequential amendments
78
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Transitional provision
79
Where a company carries forward to its first period of account beginning on or after 1st January 2005 an amount by way of— (a) management expenses brought forward under section 75 of the Taxes Act 1988, (b) losses brought forward under section 392B or 393 of that Act, or (c) non-trading deficits on loan relationships brought forward under section 83 of the Finance Act 1996, that amount shall be translated into sterling using the London closing exchange rate for the last day of the previous period of account.
Back to Finance Act 2004 — full text
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