Commentary

C1.608 Foreign currency and foreign currency bank accounts

Capital gains tax
Capital gains tax | Commentary

C1.608 Foreign currency and foreign currency bank accounts

Capital gains tax | Commentary

C1.608 Foreign currency and foreign currency bank accounts

Foreign currency

Foreign currency is an asset for capital gains tax purposes1. The disposal of foreign currency may therefore give rise to chargeable gains or allowable losses. Apart from the sale of foreign currency for sterling, there is also a disposal if foreign currency is used to purchase an asset or to discharge a foreign currency debt. (As to the special taxation provisions applying to companies' foreign exchange gains and losses, see Divisions D1.7, D1.8).

On the disposal of currency acquired by an individual for the personal expenditure outside the UK of himself

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