7(1)  An asset specified by this regulation is referred to in regulations 7A and 8 to 12 as a “regulation 7 asset” .

7(2)  An asset is specified by this regulation if it is an asset which, at the time of its disposal–

(a)represents a loan relationship of a company;

(b)is an asset to which paragraph (3), (4), (5) or (6) below applies; and

(c)is held in exempt circumstances.

7(3)  This paragraph applies to an asset if–

(a)the settlement currency of the debt to which it relates is a currency other than sterling; and

(b)that debt is not a debt on a security.

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