Commentary

C2.805 Foreign securities acquired before 19 November 1967 with borrowed foreign currency

Capital gains tax
Capital gains tax | Commentary

C2.805 Foreign securities acquired before 19 November 1967 with borrowed foreign currency

Capital gains tax | Commentary

C2.805 Foreign securities acquired before 19 November 1967 with borrowed foreign currency

The provisions1 explained in this article apply if, in pursuance of permission granted under the Exchange Control Act 1947, currency other than sterling was borrowed before 19 November 1967 for the purpose of investing in foreign securities (and had not been repaid before that date), and it was a condition of the permission:

  1.  

    •     that repayment of the borrowed currency should be made from the proceeds of the sale in foreign currency of the foreign securities so acquired or out of investment currency, and

  2.  

    •     that the foreign

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