The Exchange Gains and Losses (Bringing into Account Gains or Losses) (Amendment) Regulations 2005

• Citation: S.I. 2005/2013
• Sections: 5

Section 1 Citation and commencement

These Regulations may be cited as the Exchange Gains and Losses (Bringing into Account Gains or Losses) (Amendment) Regulations 2005 and come into force on 11th August 2005.

Section 2 Amendment of the Exchange Gains and Losses (Bringing into Account Gains or Losses) Regulations 2005

Amend the Exchange Gains and Losses (Bringing into Account Gains or Losses) Regulations 2005 as follows.

Section 3 Amendment of the Exchange Gains and Losses (Bringing into Account Gains or Losses) Regulations 2005

(1) Amend regulation 3 (prescribed circumstances in which regulation 4 applies) as follows.

(2) In paragraph (1A)(b) —

(a) after “relationship” insert “of the company”;

(b) after “or” where it first occurs insert “an obligation under”.

(3) After paragraph (4) insert—

(5) In this regulation an obligation under a derivative contract is the obligation of the company to pay in exchange for one currency an amount in a second currency.

Section 4 Amendment of the Exchange Gains and Losses (Bringing into Account Gains or Losses) Regulations 2005

(1) Amend regulation 7 (regulations 5 and 6-supplementary) as follows.

(2) In paragraphs (4), (5)(a), (5A)(a), (5A)(a)(i), (5A)(b), (5A)(b)(i), (5A)(b)(iii) and (8) after “liability” in each place it occurs insert “or obligation”.

(3) In Rules 1, 2 and 3 in paragraph (7) after “liabilities” in each place it occurs insert “or obligations”.

Section 5 Amendment of the Exchange Gains and Losses (Bringing into Account Gains or Losses) Regulations 2005

Omit regulation 14 (cases where there are no matching assets).