Corporation Tax on FX revaluations

slackda
slackda Registered Posts: 460 Dedicated contributor 🦉
Hi Guys,

Got a corp Tax one for you.

Company X has an Accounts Receiveable balance of 1 Million EUR, which they relvaue as part of company Policy to GBP at year end, resulting in an FX gain of £70K is this £70K Taxable? under UK corporation Tax for 09/10 ,

Cheers

Martin

Comments

  • Bluewednesday
    Bluewednesday Registered Posts: 1,624 Beyond epic contributor 🧙‍♂️
    Yes it is - I was really surprised and even got it checked but a gain on foreign exchange is taxable but you can carry back a loss on foreign exchange too.
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