SCHEDULES
SCHEDULE 17 Exchange gains and losses: chargeable gains
Debts other than securities
4
1
In a case where—
a
there is for the purposes of the 1992 Act a disposal of a debt by a qualifying company,
b
the right to settlement under the debt is a qualifying asset,
c
the settlement currency of the debt is a currency other than sterling,
d
immediately before the disposal the company did not hold the debt in exempt circumstances, and
e
the debt is not a debt on a security,
for the purposes of that Act no chargeable gain or allowable loss shall accrue on the disposal.
2
Paragraph 3 above applies for the purposes of this paragraph as if references to currency were references to a debt.
F12A
In sub-paragraph (1)(e) above “security” includes a debenture that is deemed to be a security for the purposes of section 251 of the 1992 Act by virtue of subsection (6) of that section (debentures issued on reorganisation etc.)
3
This paragraph applies to disposals on or after the company’s commencement day.