The Exchange Gains and Losses (Deferral of Gains and Losses) (Amendment) Regulations 1996

• Citation: S.I. 1996/1348
• Sections: 4

Section 1 Citation, commencement and effect

These Regulations may be cited as the Exchange Gains and Losses (Deferral of Gains and Losses) (Amendment) Regulations 1996, shall come into force on 30th June 1996 and shall have effect with respect to accounting periods of companies ending on or after that date.

Section 2 Interpretation

In these Regulations “the principal Regulations”means the Exchange Gains and Losses (Deferral of Gains and Losses) Regulations 1994 , and “regulation”means a regulation of the principal Regulations.

Section 3 Amendments to the principal Regulations

In regulation 2(8) for the words “inspector is (or on appeal the Commissioners are) satisfied”there shall be substituted “notice states”.

Section 4 Amendments to the principal Regulations

In regulation 4(5), in the inserted subsection (3A), for the words “aggregate profits”there shall be substituted“aggregate of the profits of the claimant company and”.