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Finance Act 1993

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Changes over time for: Cross Heading: Currency

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Version Superseded: 24/07/2002

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CurrencyU.K.

2(1)In a case where—

(a)there is for the purposes of the 1992 Act a disposal of currency other than sterling by a qualifying company, and

(b)immediately before the disposal the company did not hold the currency in exempt circumstances (within the meaning given by paragraph 3 below),

for the purposes of that Act no chargeable gain or allowable loss shall accrue on the disposal.

(2)This paragraph applies to disposals on or after the company’s commencement day.

3(1)For the purposes of paragraph 2 above a company holds currency in exempt circumstances at a given time if—

(a)the purposes for which it then holds the currency are or include any of the purposes mentioned in sub-paragraph (2) below,

(b)it is a housing association approved at that time for the purposes of section 488 of the Taxes Act 1988, or

(c)it is a self-build society approved at that time for the purposes of section 489 of that Act.

(2)The purposes referred to in sub-paragraph (1)(a) above are—

(a)the purposes of [F1long-term] insurance business;

(b)the purposes of mutual insurance business;

(c)the purposes of the occupation of commercial woodlands.

(3)In this paragraph—

  • [F2long-term insurance business” means business which consists of the effecting or carrying out of contracts which fall within Part II of Schedule 1 to the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001;]

  • commercial woodlands” means woodlands in the United Kingdom which are managed on a commercial basis and with a view to the realisation of profits.

Textual Amendments

F1Words in Sch. 17 para. 3(2)(a) substituted (1.12.2001) by S.I. 2001/3629, arts. 1(2), 81(2)(a)

F2Definition in Sch. 17 para. 3(3) substituted (1.12.2001) by S.I. 2001/3629, arts. 1(2), 81(2)(b)

Modifications etc. (not altering text)

C1Sch. 17 para. 3 applied (with modifications) (29.4.1996) by 1992 c. 12, ss. 117A, 117B (as inserted (29.4.1996) by 1996 c. 8, s. 104, Sch. 14 para. 62)

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