The European Single Currency (Taxes) Regulations 1998

1. Introductory Text

2. PART I Introductory

   1. 1. Citation and commencement.

   2. 2. Interpretation.

   3. 3. Definition of euroconversion.

3. PART II Deductibility of Costs of Euroconversion of Shares and Other Securities

   1. 4. Interpretation.

   2. 5. Trading Companies.

   3. 6. Investment companies and insurance companies—deemed expenses of management.

4. PART III Exchange Gains and Losses, Interest Rate and Currency Contracts and Options,Debt Contracts and Options, and Relevant Discounted Securities

   1. 7. Deferral of unrealised gains.

   2. 8. Interest rate contracts (including options)—change in rate of interest.

   3. 9. Currency contracts (including options)—change in rate of interest.

   4. 10. Currency contracts (including options)—conversion into euro.

   5. 11. Debt contracts (including options)—conversion into euro.

   6. 12. Exchange or conversion of relevant discounted securities.

5. PART IV Agreements for Sale and Repurchase of Securities

   1. 13. Interpretation.

   2. 14. Replacement of securities in a euroconversion.

   3. 15. Payment or benefit received by interim holder on euroconversion.

   4. 16. Payment deemed to be made by interim holder on euroconversion.

   5. 17. Renominalisation resulting in new minimum denomination in which securities can be held or traded.

   6. 18. Payment made or deemed to be made by interim holder in respect of euroconversion—chargeable gains consequences.

   7. 19. Euroconversion—loan relationships consequences.

6. PART V Stock Lending Arrangements

   1. 20. Interpretation.

   2. 21. Deemed capital payment.

   3. 22. Renominalisation resulting in new minimum amount in which securities can be held or traded.

   4. 23. Payment made by borrower to lender in respect of euroconversion—chargeable gains consequences.

7. PART VI Repurchases and Stock Lending—Stamp Duty and Stamp Duty Reserve Tax

   1. 24. Interpretation.

   2. 25. Replacement of stock in a euroconversion.

   3. 26. Replacement of chargeable securities in a euroconversion.

   4. 27. Payment or benefit received by transferee of stock on euroconversion.

   5. 28. Payment or benefit received by transferee of chargeable securities on euroconversion.

   6. 29. Renominalisation resulting in new minimum denomination in which stock can be held or traded.

   7. 30. Renominalisation resulting in new minimum denomination in which chargeable securities can be held or traded.

8. PART VII Accrued Income Scheme

   1. 31. Interpretation.

   2. 32. Disapplication of accrued income provisions in respect of an exchange or conversion of securities resulting from a euroconversion.

   3. 33. Disapplication of variable interest rate provision in certain circumstances.

   4. 34. Calculation of accrued amount or rebate amount in the event of a euroconversion of securities.

   5. 35. Treatment of capital sum receivable on euroconversion of securities.

9. PART VIII Chargeable Gains

   1. 36. Equation of holding of non-sterling currency with new euro holding on euroconversion.

   2. 37. Equation of debt (other than a debt on a security) on euroconversion.

   3. 38. Derivatives over assets the subject of euroconversion.

   4. 39. Cash payments received on euroconversion of securities.

10. PART IX Controlled Foreign Companies

    1. 40. Replacement of currency used in accounts of controlled foreign company by euro.

11. PART X Amendments to the Local Currency Elections Regulations

    1. 41. Introductory.

    2. 42. Period for determining validity of elections.

    3. 43. Existing election for ecu or participating currencies.

    4. 44. Treatment of existing part trade elections in participating currencies.

    5. 45. Election for whole trade where part trade election already exists.

    6. 46. Determination of rate of exchange where part trade election replaced by whole trade election or combined part trade election.

    7. 47. Part trade elections for new part trades.

12. Signature

13. Explanatory Note