PART IV PREVENTION OF DUPLICATION OF PAYMENTS

Conversion of payments made in a foreign currency
10. Where a payment of income prescribed by regulation 7(1), or a payment prescribed by regulation 8(1), is made in a currency other than sterling, its value in sterling, for the purposes of section 27 of the Act and this Part, shall be determined, after conversion by the Bank of England, or by any bank which is a recognised bank for the purposes of the Banking Act 1979, as the net sterling sum into which it is converted, after any banking charge or commission on the transaction has been deducted.
1979 c. 37.