34 Election of designated currency by UK resident investment company
Finance (No 2) Act 2015 (2015 c 33) | Legislation

34  Election of designated currency by UK resident investment company

(1)     Chapter 4 of Part 2 of CTA 2010 (currency) is amended as follows.

(2)     Section 9A (designated currency of a UK resident investment company) is amended as follows.

(3)     For subsection (2) substitute—

“(2)     An election under this section by a company (“X”) takes effect only if, at the time when it is to take effect (see section 9B(1))—

(a)     X is a UK resident investment company, and

(b)     Condition A or Condition B is met.”

(4)     Omit subsection (3).

(5)     After subsection (8) insert—

“(9)     In relation to any period of account for which a currency is X's designated currency as a result of an election under this section, profits

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