Section 1278 — Corporation Tax Act 2009: Valuing unremittable income

Valuing unremittable income 1278 1 If no claim is made under section 1275 in relation to unremittable income arising in a territory outside the United Kingdom, the amount of the income to be taken into account for corporation tax purposes is determined as follows.

2 If the currency in which the income is denominated has a generally recognised market value in the United Kingdom, the amount is determined by reference to that value.

3 In any other case, the amount is determined according to the official rate of exchange of the territory where the income arises.