PART 1Income tax, corporation tax and capital gains tax
CHAPTER 4Capital gains
35Foreign currency bank accounts
1
TCGA 1992 is amended as follows.
2
In section 13 (attribution of gains to members of non-resident companies), in subsection (5), omit paragraph (c).
3
In section 251 (debts: general provisions), after subsection (5) insert—
5A
References in this section to the disposal of a debt include the disposal of an interest in a debt (and, in the case of an interest in a debt, the reference in subsection (3) to the amount of the debt is to the amount of the person's interest in the debt).
4
For section 252 substitute—
252Foreign 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.
5
Omit section 252A and Schedule 8A (foreign currency bank accounts).
6
The amendments made by this section have effect in relation to disposals occurring on or after 6 April 2012.