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7.—(1) Where, as a result of a euroconversion of a long-term capital asset or of a long-term capital liability, that asset (“the original long-term capital asset”) or that liability (“the original long-term capital liability”) is replaced by a new long-term capital asset or a new long-term capital liability—
(a)the new long-term capital asset or the new long-term capital liability shall be treated as if it were the same asset or liability as the original long-term capital asset or the original long-term capital liability, acquired when the original long-term capital asset or the original long-term capital liability was acquired; and
(b)any gain which accrued as respects the original long-term capital asset or the original long-term capital liability for the accrual period in which the euroconversion of that asset or liability took place shall, without prejudice to regulation 2 of the Exchange Gains and Losses (Deferral of Gains and Losses) Regulations 1994(1) (settlement and replacement of debts), be deemed to be unrealised, and sections 139 to 143 (apart from section 143(7)) of the Finance Act 1993 shall have effect accordingly.
(2) In paragraph (1) “accrual period” shall be construed in accordance with section 158(4) of the Finance Act 1993.
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