D4.202 Overview

Corporate tax
Corporate tax | Commentary

D4.202 Overview

Corporate tax | Commentary

Division D4.2     Currency

Reviewed by

Consultant, Linklaters

For updates affecting this Division please see Part D0 Updates

Currency for taxable profits

D4.202 Overview

The profits and losses of a company that carries on a business must be computed and expressed in sterling except where certain conditions are satisfied, in which case they are to be computed in the currency in which the company's accounts are drawn up. There is no provision for the company to make an election to use a currency other than sterling1.

The basic rule is that a company's taxable profits have to be computed

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