Re‑assessed exchange rate
47C Re‑assessed exchange rate
If for 10 consecutive working days:
starting after a month of the year in relation to which section 47B operates; and
ending before the next month of the year in relation to which section 47B operates;
the actual market exchange rate available differs, by at least 10%, from:
unless paragraph (d) applies—the base exchange rate for the next foreign exchange period; or
if a re‑assessed exchange rate has already been worked out under this subsection for the purposes of the next foreign exchange period—the last re‑assessed exchange rate so worked out;
the re‑assessed exchange rate for a foreign currency is the average (calculated to 4 decimal places) of the actual market exchange rates available on those consecutive working days.
Subsection (1) does not apply to a working day if the actual market exchange rate available on that day has been used to work out a re‑assessed exchange rate in a previous application of that subsection.
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