Section 252 — Taxation of Chargeable Gains Act 1992: Foreign currency bank accounts.

Foreign currency bank accounts. 252 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.