The Loan Relationships and Derivative Contracts (Disregard and Bringing into Account of Profits and Losses) Regulations 2004 No. 3256

Regulations 3 and 4: supplementary U.K.

5.—(1) Where in any accounting period—

(a) a company holds more than one asset in relation to which there are amounts of exchange gains and losses falling within regulations 3 or 4; and

(b) the currency—

(i) in which the assets are denominated and the liability expressed; or

(ii) which is the underlying subject matter of the derivative contract,

is the same currency, the extent to which an asset is matched is determined in accordance with the following rules.

Commencement Information

I1 Reg. 5 in force at 1.1.2005, see reg. 1(1)