Currency (in the form of notes, coins, or travellers’ cheques) other than sterling is a chargeable asset, and its disposal can give rise to a chargeable gain or allowable loss.

Foreign currency (including bank accounts) is, however, exempt if an individual acquired it for personal expenditure outside the UK for himself, his or her family, and other dependents. This includes expenditure on the maintenance of a residence outside the UK. It is important to highlight that this exemption only applies to foreign currency that is acquired and does not apply to income that is received in a foreign currency, which is then used for personal expenditure.

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