Commentary

D9.413 Foreign-currency securities

Corporate tax
Corporate tax | Commentary

D9.413 Foreign-currency securities

Corporate tax | Commentary

D9.413 Foreign-currency securities

Where the accrued interest is separately accounted for on a 'clean price' transaction (see D9.411)1:

  1.  

    (a)     if a sterling equivalent is shown in the agreement, that is the amount of the deemed payment;

  2.  

    (b)     otherwise the deemed payment is the sterling equivalent by reference to the London closing rate of exchange on the settlement day.

Where the accrued interest is not separately accounted for, the deemed payment is the sterling equivalent by reference to the London closing rate of exchange on the settlement day2.

Euroconversions

Where, in an interest period,

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