SCHEDULES

SCHEDULE 17 Exchange gains and losses: chargeable gains

Currency

C13

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 long term insurance business;

b

the purposes of mutual insurance business;

c

the purposes of the occupation of commercial woodlands.

3

In this paragraph—

  • “long term insurance business” means insurance business of any of the classes specified in Schedule 1 to the M1Insurance Companies Act 1982;

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