{
  "url": "https://openlegislation.uk/european-single-currency-taxes-regulations-1998/regulation-3",
  "json_url": "https://openlegislation.uk/european-single-currency-taxes-regulations-1998/regulation-3.json",
  "legislation": "uksi/1998/3177",
  "legislation_title": "The European Single Currency (Taxes) Regulations 1998",
  "legislation_url": "https://openlegislation.uk/european-single-currency-taxes-regulations-1998",
  "path": "regulation/3",
  "kind": "regulation",
  "number": "3",
  "heading": "Definition of euroconversion",
  "text": "(1) “Euroconversion” means —\n(a) in relation to any currency, or an amount expressed in any currency, of a participating member State, the conversion or restating of that currency or that amount into euro and any rounding of the resulting amount within a euro;\n(b) in relation to any asset, liability, contract or instrument—\n(i) the simple redenomination of that asset, liability, contract or instrument, or\n(ii) in the case of a relevant asset, the simple redenomination of that asset accompanied by either or both of renominalisation and reconventioning, or\n(iii) the substitution (whether by way of exchange, conversion, replacement or otherwise) for the asset, liability, contract or instrument of an equivalent replacement asset, liability, contract or instrument.\n(2) An equivalent replacement asset, liability, contract or instrument means an asset, liability, contract or instrument whose amount, terms and conditions are identical to what it is reasonable to assume would be the amount, terms and conditions of the original asset, liability, contract or instrument were it to undergo a simple redenomination, or (in the case of a relevant asset) a simple redenomination accompanied by either or both of renominalisation and reconventioning.\n(3) For the purposes of paragraphs (1) and (2) a simple redenomination is accompanied (in the case of a relevant asset) by renominalisation or reconventioning if either—\n(a) the renominalisation or reconventioning is effected simultaneously, or\n(b) it is effected within a period of time following the simple redenomination which is such as to enable it reasonably to be inferred that the renominalisation or reconventioning is associated with the simple redenomination.",
  "extent": null,
  "status": null,
  "version": "current",
  "annotations": [],
  "outstanding_effects": [],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/uksi/1998/3177/regulation/3",
    "retrieved_at": "2026-10-29T11:12:29.943459+00:00"
  },
  "licence": "Open Government Licence v3.0",
  "licence_url": "https://www.nationalarchives.gov.uk/doc/open-government-licence/version/3/",
  "attribution": "Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives."
}