[F1252 Foreign currency bank accounts.U.K.
(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.]
Textual Amendments
F1S. 252 substituted (with effect in accordance with s. 34(6) of the amending Act) by Finance Act 2012 (c. 14), s. 35(4)