Part VII Other property, businesses, investments etc.

Debts

F1252 Foreign currency bank accounts.

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.