Smith and Nephew Overseas Ltd and Others v Revenue and Customs: FTTTx 8 Feb 2017

(Income Tax/Corporation Tax : Losses) CORPORATION TAX – Change in local currency – Whether accounts comply with UK generally accepted accounting practice – Yes – Whether exchange differences are ‘exchange losses’ – Yes – Whether exchange differences ‘fairly represent’ a loss – Yes – Appeal allowed

Citations:

[2017] UKFTT 151 (TC)

Links:

Bailii

Jurisdiction:

England and Wales

Corporation Tax

Updated: 06 February 2022; Ref: scu.578544