177 Currency contracts and currency options
Finance Act 2003 (2003 c 14) | Legislation

177  Currency contracts and currency options

(1)     This section applies in any case where at any time on or after 30th September 2002—

(a)     a qualifying company becomes party to a qualifying contract which is a currency contract or currency option, or

(b)     the terms of such a qualifying contract held by such a company are varied,

and the conditions in subsection (2) are, or subsequently become, satisfied.

(2)     The conditions are that—

(a)     in accordance with generally accepted accounting practice, the company in preparing its statutory accounts uses the exchange rate implied by the qualifying contract (“the accounting rate”);

(b)     there is a difference between the accounting rate and the final payment rate; and

(c)     the difference between those exchange rates is more than 1 per cent of the final payment rate.

(3)     In subsection (2) “the final payment rate” means the exchange rate found by reference only to the amounts which fall or would, apart from this section and the provisions specified in subsection (4), fall to be regarded for the purposes of subsection (2) or, as the case

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