Corporation Tax on FX revaluations
slackda
Registered Posts: 456 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
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
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Comments
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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.0
