http://www.legislation.gov.uk/id/ukpga/1992/12/schedule/11/part/2

http://www.legislation.gov.uk/ukpga/1992/12/schedule/11/part/2/crossheading/devaluation-of-sterling-securities-acquired-with-borrowed-foreign-currency/2000-01-12

Taxation of Chargeable Gains Act 1992

An Act to consolidate certain enactments relating to the taxation of chargeable gains.

1992-03-06

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Statute Law Database

2024-06-12

Expert Participation

2000-01-12

Taxation of Chargeable Gains Act 1992

s. 35(3)(d)(xviii)

Housing and Regeneration Act 2008

Sch. 7

para. 9

s. 325(1)

art. 2(1)

3(1)

Taxation of Chargeable Gains Act 1992

s. 35(3)(d)(xviii)

Crossrail Act 2008

Sch. 13

para. 46

Taxation of Chargeable Gains Act 1992

s. 35(3)(d)(xviii)

The Housing and Regeneration Act 2008 (Consequential Provisions) Order 2008

Sch. 1

para. 42

Sch. 3

Sch. 2

art. 1(2)

Taxation of Chargeable Gains Act 1992

Sch. 5C

para. 3(1)(f)

Income Tax Act 2007

Sch. 1

para. 347

Sch. 2

s. 1034(1)

Taxation of Chargeable Gains Act 1992

Sch. 5C

para. 3

The Tax and Civil Partnership Regulations 2005

reg. 128

reg. 1(1)

Taxation of Chargeable Gains Act 1992

Sch. 5C

para. 5

The Tax and Civil Partnership Regulations 2005

reg. 128

reg. 1(1)

Taxation of Chargeable Gains Act 1992

Sch. 5C

para. 6

The Tax and Civil Partnership Regulations 2005

reg. 128

reg. 1(1)

Taxation of Chargeable Gains Act 1992

Act

The Pension Protection Fund (Tax) Regulations 2006

Pension Protection Fund (Tax) Regulations 2006

reg. 37(2)

reg. 1

Taxation of Chargeable Gains Act 1992

Act

The Pension Protection Fund (Tax) Regulations 2006

Pension Protection Fund (Tax) Regulations 2006

reg. 38(3)

reg. 1

Taxation of Chargeable Gains Act 1992

s. 587B

Finance Act 2000

s. 43(1)

Taxation of Chargeable Gains Act 1992

s. 169S(4A)

Finance Act 2015

s. 43(2)

s. 43(5)

Taxation of Chargeable Gains Act 1992

Sch. 5C

para. 3(1)

The Venture Capital Trust (Winding up and Mergers) (Tax) Regulations 2004

reg. 7(1)

reg. 1(1)

Taxation of Chargeable Gains Act 1992

Sch. 5C

para. 3(6)

The Venture Capital Trust (Winding up and Mergers) (Tax) Regulations 2004

reg. 7(2)

reg. 1(1)

Taxation of Chargeable Gains Act 1992

Sch. 5C

para. 5(1)

The Venture Capital Trust (Winding up and Mergers) (Tax) Regulations 2004

reg. 7(3)

reg. 1(1)

Taxation of Chargeable Gains Act 1992

Act

Finance Act 2002

Sch. 16

para. 48(1)

(2)

s. 57(3)

Taxation of Chargeable Gains Act 1992

s. 4(10)

(11)

Scotland Act 2016

s. 15(4)

s. 13(14)

15(7)(a)

72(3)

Taxation of Chargeable Gains Act 1992

s. 4(10)

Finance Act 2016

s. 83(11)

Taxation of Chargeable Gains Act 1992

Act

Finance Act 1997

Sch. 12

para. 12(7)

Sch. 12

para. 17

Taxation of Chargeable Gains Act 1992

s. 104(4)(b)(i)

The Personal Equity Plan (Amendment No. 2) Regulations 1997

reg. 13(1)(b)

reg. 1

Taxation of Chargeable Gains Act 1992

s. 107(11)

The Personal Equity Plan (Amendment No. 2) Regulations 1997

reg. 13(2)(b)

reg. 1

SCHEDULES

SCHEDULE 11Transitional provisions and savings

Part IIOther transitory provisions

Devaluation of sterling: securities acquired with borrowed foreign currency

13

1

This paragraph applies where, in pursuance of permission granted under the Exchange Control Act 1947 [1947 c. 14.] , currency other than sterling was borrowed before 19th November 1967 for the purpose of investing in foreign securities (and had not been repaid before that date), and it was a condition of the permission—

a

that repayment of the borrowed currency should be made from the proceeds of the sale in foreign currency of the foreign securities so acquired or out of investment currency, and

b

that the foreign securities so acquired should be kept in separate accounts to distinguish them from others in the same ownership,

and securities held in such a separate account on 19th November 1967 are in this paragraph referred to as “designated securities” .

2

In computing the gain accruing to the borrower on the disposal of any designated securities or on the disposal of any currency or amount standing in a bank account on 19th November 1967 and representing the loan, the sums allowable as a deduction under section 38(1)(a) shall, subject to sub-paragraph (3) below, be increased by multiplying them by seven-sixths.

3

The total amount of the increases so made in computing all gains (and losses) which are referable to any one loan (made before 19th November 1967) shall not exceed one-sixth of the sterling parity value of that loan at the time it was made.

4

Designated securities which on the commencement of this paragraph constitute a separate 1982 holding (within the meaning of section 109), shall continue to constitute a separate 1982 holding until such time as a disposal takes place on the occurrence of which sub-paragraph (3) above operates to limit the increases which would otherwise be made under sub-paragraph (2) in allowable deductions.

5

In this paragraph and paragraph 14 below, “foreign securities” means securities expressed in a currency other than sterling, or shares having a nominal value expressed in a currency other than sterling, or the dividends on which are payable in a currency other than sterling.