CurrencyU.K.
2(1)In a case where—
(a)there is for the purposes of the 1992 Act a disposal of currency other than sterling by a qualifying company, and
(b)immediately before the disposal the company did not hold the currency in exempt circumstances (within the meaning given by paragraph 3 below),
for the purposes of that Act no chargeable gain or allowable loss shall accrue on the disposal.
(2)This paragraph applies to disposals on or after the company’s commencement day.
3(1)For the purposes of paragraph 2 above a company holds currency in exempt circumstances at a given time if—
(a)the purposes for which it then holds the currency are or include any of the purposes mentioned in sub-paragraph (2) below,
(b)it is a housing association approved at that time for the purposes of section 488 of the Taxes Act 1988, or
(c)it is a self-build society approved at that time for the purposes of section 489 of that Act.
(2)The purposes referred to in sub-paragraph (1)(a) above are—
(a)the purposes of long term insurance business;
(b)the purposes of mutual insurance business;
(c)the purposes of the occupation of commercial woodlands.
(3)In this paragraph—
“long term insurance business” means insurance business of any of the classes specified in Schedule 1 to the M1Insurance Companies Act 1982;
“commercial woodlands” means woodlands in the United Kingdom which are managed on a commercial basis and with a view to the realisation of profits.
Modifications etc. (not altering text)
C1Sch. 17 para. 3 applied (with modifications) (29.4.1996) by 1992 c. 12, ss. 117A, 117B (as inserted (29.4.1996) by 1996 c. 8, s. 104, Sch. 14 para. 62)
Marginal Citations