§ 78 (1) Section 730BB of the Taxes Act 1988 (exchange gains and losses on sale and repurchase of securities) is amended as follows.
§ (2) In subsection (2)(c) for the words from "section 93 of the Finance Act 1993" to "sterling)" substitute "section 92B or 92C of the Finance Act 1993 (company preparing accounts or operating in currency other than sterling)".
§ (3) In subsection (3)—
- in paragraph (a) for "section 93 of the Finance Act 1993" substitute "section 92B or 92C of the Finance Act 1993 (company preparing accounts or operating in currency other than sterling)";
- in paragraph (b) for the words from "relevant foreign currency" to "the company" substitute "relevant currency".
- paragraph (c)(i) and (ii) for "relevant foreign currency" substitute "relevant currency".
§ (4) After subsection (3) insert—
"(3A) In subsection (3), references to the relevant currency are—
- in cases in which section 92B of the Finance Act 1993 applies, to the functional currency (within the meaning of that section), and
- in cases in which section 92C of the Finance Act 1993 applies, to the accounts currency (within the meaning of that section)."
§ (5) Omit subsection (12).'—[Dawn Primarolo.]