The taxation of foreign exchange gains and losses
Article Abstract:
The Board of Inland Revenue has issued a second consultative document regarding the tax treatment of foreign exchange gains and losses. The document proposes that the tax computation be modified to include gains and losses resulting from the translation of all assets and liabilities at closing exchange rates. The document should solve some problematic issues currently faced by corporate treasurers, particularly the question of unrelieved losses of foreign currency. It does, however, create new areas of uncertainty, such as the taxing of unrealized gains.
Publication Name: Accountancy
Subject: Business
ISSN: 0001-4664
Year: 1991
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Institute discussion with the Inland Revenue
Article Abstract:
The Institute of Chartered Accountants in England and Wales has published notes detailing discussions held with the Inland Revenue concerning the Institute's representations over the 1989 Finance Bill. A summary of Institute representations to the Inland Revenue is presented.
Publication Name: Accountancy
Subject: Business
ISSN: 0001-4664
Year: 1989
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