Section 252 Foreign currency bank accounts.F1
United Kingdom
(1)
Section 251(1) does not apply in relation to a gain accruing to a person on a disposal of a foreign currency debt (or an interest in such a debt) unless that person is—
(a)
an individual,
(b)
the trustees of a settlement, or
(c)
the personal representatives of a deceased person.
(2)
A “foreign currency debt” is a debt—
(a)
owed by a bank in a currency other than sterling, and
(b)
represented by a sum standing to the credit of an account-holder in an account in that bank.
Annotations
Textual amendments
- F1
S. 252 substituted (with effect in accordance with s. 34(6) of the amending Act) by Finance Act 2012 (c. 14), s. 35(4)