Corporation Tax Act 2009 Schedule 2 paragraph 71

Prospective repeal of provisions concerning exchange gains and losses from loan relationships

Paragraph 71 of Schedule 2 deals with the prospective repeal of certain provisions in the Corporation Tax Act 2009 that relate to the treatment of exchange gains and losses arising from loan relationships.

• This paragraph provided for the future repeal of specific sections of CTA 2009 dealing with exchange gains and losses from loan relationships
• The repeal was intended to take effect at a date to be appointed by Treasury order, reflecting a planned simplification of the rules
• The provisions targeted for repeal covered how foreign exchange movements on loan relationships were brought into account for corporation tax purposes
• Finance (No. 2) Act 2015 subsequently amended these arrangements as part of wider reforms to the loan relationships and derivative contracts regimes