35Foreign currency bank accountsU.K.
(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.