(1) If no claim is made under section 842 in relation to unremittable income arising in a territory outside the United Kingdom, the amount of the income to be taken into account for income tax purposes is determined as follows.
(2) If the currency in which the income is denominated has a generally recognised market value in the United Kingdom, the amount is determined by reference to that value.
(3) In any other case, the amount is determined according to the official rate of exchange of the territory where the income arises.
This Act comes into force on 6 April 2005 and has effect, for the purposes of income tax for the year 2005–06 and subsequent tax years, and for the purposes of corporation tax for accounting periods ending after 5 April 2005: see s 883; for transitional provisions and savings see Sch 2 hereto.
Company Law & Business Entities92Personal Taxes93Companies & Corporate Bodies92Income Tax99Trading Income93Tax Law99Administration & Collection of Income Tax95