Related Commentary  Related HMRC Manuals

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.

252(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.

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