1.Section 34 and Schedule 9 prevent the interaction of the remittance basis of taxation and certain capital gains tax (CGT) rules from producing allowable capital losses on disposals of amounts in foreign currency bank accounts where there has been no economic loss. The changes were announced in a Ministerial statement on 16 December 2009, and take effect from that date.
Text created by the government department responsible for the subject matter of the Act to explain what the Act sets out to achieve and to make the Act accessible to readers who are not legally qualified. Explanatory Notes were introduced in 1999 and accompany all Public Acts except Appropriation, Consolidated Fund, Finance and Consolidation Acts.
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