Box 6 of CT600 & Exchange Gains/Losses

Box 6 of CT600 & Exchange Gains/Losses

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Hi,

Could someone provide some clarity on box 6 of the CT600?  This year we have foreign currency bank accounts and exchange gains/losses from trading overseas.  Should I include those exchange gains and losses from trading in this box and the balance sheet adjustment for the foreign currency bank accounts/foreign debtors?  I would have not included them (because they are part of trade) but after reading Part5/6 of CTA2009 I am now not so sure.

If you could share your experiencesof this with me I would be very grateful.

Thank you in advance

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By thisistibi
14th Nov 2011 14:28

Non-trade only

Box 6 is for non-trade loan relationship amounts.  Forex from trading overseas will typically be trading forex, so would be reported in Box 3, especially trade debtors and other trading assets.

As far as foreign currency bank accounts go, it depends on the purpose of the bank account.  I would say it is normally a trade related account, rather than e.g. an overseas investment.  Therefore I can't see that any of your forex is non-trade such that it would be included in Box 6.

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By hitchmou
15th Nov 2011 09:30

Thank you.....

Thank you for this.  It was how I suspected but it is good to get a second opinion.

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