69Foreign currency accounts
(1)At the end of subsection (4) of section 18 of the Capital Gains Tax Act 1979 (1ocation of assets) there shall be added the following paragraph—
“(j)a debt which—
(i)is owed by a bank, and
(ii)is not in sterling, and
(iii)is represented by a sum standing to the credit of an account in the bank of an individual who is not domiciled in the United Kingdom,
is situated in the United Kingdom if and only if that individual is resident in the United Kingdom and the branch or other place of business of the bank at which the account is maintained is itself situated in the United Kingdom.”
(2)Subsection (1) above shall be deemed to have come into force on 6th April 1983.