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Finance Act 1967
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PART IIShort-Term and Long-Term Gains
Foreign bank accounts: short- and long-term gains
11(1)Paragraph 11(1) of Schedule 7 to the [1965 c. 25.] Finance Act 1965 and paragraph 15(1) of Schedule 9 to the [1962 c. 44.] Finance Act 1962 (exemption for debt in hands of original creditor) shall not apply to a debt owed by a bank which is not in sterling and which is represented by a sum standing to the credit of a person in an account in the bank.
(2)This paragraph shall apply to any disposal on or after 6th April 1967.
Exchange of shares and securities under nationalisation Acts : short-term gains
12For the purposes of paragraph 11 of Schedule 9 to the Finance Act 1962 (conversion of securities not to involve any disposal of the old holding or any acquisition of the new holding) ' conversion of securities' shall include any exchange of securities effected in pursuance of the [1967 c. 17.] Iron and Steel Act 1967 or any other enactment (including an enactment passed after this Act) which provides for the compulsory acquisition of any shares or securities and the issue of securities or other securities instead.
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