Some further amendments have been made to tax law as a consequence of the changes in the taxation of international companies.
The changes are:
- the foreign exchange rules which allow some foreign currency transactions to be offset without translation to sterling are amended so that all references to trade or part of a trade become references to business or part of a business;
- details are given on how the provisions affect companies which are in partnership. Such a partnership may defer application of the new provisions until the first accounting period to start after 30 June 2001 provided an election to do so has been made by 31 August 2000.
[2000]