CFM9002 - Taxing FOREX: introduction

Old guidance

The old guidance applies to all accounting periods beginning before 1 October 2002.

You'll find this in Volume 6 of the Corporation Tax Manual, at CT13200+.

Anti-avoidance

Certain loan relationships anti-avoidance measures apply from

• 26 July 2001
• 19 December 2001
• 24 April 2002.

These are not specifically concerned with exchange gains and losses.  See CFM5003.

When the new rules would have applied but the company shortens its accounting period to delay entry into the new regime, the legislation applies from the start of the accounting period that includes 1 October 2002.  There is more on this, and on transitional rules, at CFM10000+.

Current guidance

This applies to accounting periods beginning on or after 1 October 2002.