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Kink test calculations |
See Also
Foreign exchange differences | Grandfathering calculations
Select from the following headings:
Background | Developing the schedule | Completing the Schedule | Standard Sub-Schedules | Carry Forward | Related Errors
This schedule should not be used where the FA 2002 rules apply to the accounting period.
This schedule is designed to calculate the adjustments required in respect of exchange gains and losses arising on debts of fixed amount, which were held by the company immediately before its commencement day. A debt is defined as having a fixed term if:
These adjustments are set out in the Exchange Gains and Losses (Transitional Provisions) Regulations (SI 1994/3226) Part IV.
Multiple copies of this schedule may be developed from the Foreign exchange gains and losses schedule.
You may use this schedule to calculate the deemed gains and losses on multiple debts, as long as the details for each debt are entered on a separate line.
Some of the input cells are described in more detail:
Original cost/Value on Commencement Day
The first year you prepare the calculation you will need to enter, for each asset or liability, its original cost and value on commencement day.
Type
You must identify whether the item is trading or non-trading and also whether it is an 'unrealised long term' or 'other' difference from the selectors available. The sub-totals are then transferred to the Foreign exchange gains and losses schedule.
Value b/f
The first year you prepare the calculation you will need to enter, for each asset or liability, its value at the beginning of the first accounting period commencing after 23 March 1995.
Value c/f
Enter the money value of the debt at the exchange rate at the accounting period end.
This schedule has no standard sub-schedules.
In subsequent years the details for the debt will carry forward and you will only need to enter the value at the end of the accounting period.
© 2009 Thomson Reuters.