Commentary on Sections Overview Overview Section 328: Exchange gains and losses
1094.This section includes exchange gains and losses within credits and debits on loan relationships. It is based on section 84A(1) to (3A) and (8) to (10) of FA 1996.
1095.This section updates the references in section 84A(3)(b) of FA 1996 in line with current accountancy practice.
1096.Subsection (3)(b) rewrites “statement of recognised gains and losses” as “statement of total recognised gains and losses” as being the usual accountancy term.
1097.Section 84A(8) of FA 1996 as it applies to chargeable gains (section 84A(9)(b)) is rewritten as an insertion into TCGA. See Schedule 1 to this Act.
1098.Part 2(6) of Schedule 11 to F(No 2)A 2005 repeals section 84A of FA 1996 with effect from a day to be appointed. This section, which rewrites that section, therefore ceases to have effect from an appointed day (see Schedule 2 to this Act).
1099.Section 84A(8) and (9)(b) of FA 1996 allows the Treasury to make regulations for the purposes of TCGA. This provision is rewritten in new section 151E of TCGA.