SCHEDULES
SCHEDULE 17 Exchange gains and losses: chargeable gains
Currency
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.