The European Single Currency (Taxes) Regulations 1998

Existing election for ecu or participating currencies

43.—(1) An election made by a company under regulation 3 or 4 in relation to—

(a) the ecu, or

(b) a currency participating in the euro,

shall have effect for the purposes of the 1994 Regulations on and after 1st January 1999 or, if later, the date on which the euro is adopted by the participating member State concerned, as if the election—

(a) continued on or after that date, and

(b) was made in relation to the euro as well as in relation to the ecu or, as the case may be, the participating currency concerned.

(2) In paragraph (1) the reference to a currency participating in the euro (or the participating currency) is a reference to the currency of a participating member State which, as a result of the adoption of the euro by that member State, is replaced by the euro but continues to exist as a legal sub-unit of the euro.