http://www.legislation.gov.uk/uksi/1998/3177/contents/made

The European Single Currency (Taxes) Regulations 1998

Euro And EMU

Currencies and exchange rates

Tax

Capital and financial markets

King's Printer of Acts of Parliament

2017-05-16

TAXES

These Regulations modify the application of provisions of the Taxes Acts so as to cater for the proposed adoption of the single currency (“the euro”) by member States other than the United Kingdom from 1st January 1999 in accordance with the Treaty establishing the European Community.

The European Single Currency (Taxes) Regulations 1998

reg. 6(1)

The Finance Act 2004, Sections 38 to 40 and 45 and Schedule 6 (Consequential Amendment of Enactments) Order 2004

Sch.

para. 77(2)(a)

art. 1(2)

The European Single Currency (Taxes) Regulations 1998

reg. 6(1A)

The Finance Act 2004, Sections 38 to 40 and 45 and Schedule 6 (Consequential Amendment of Enactments) Order 2004

Sch.

para. 77(2)(b)

art. 1(2)

The European Single Currency (Taxes) Regulations 1998

reg. 6(2)

The Finance Act 2004, Sections 38 to 40 and 45 and Schedule 6 (Consequential Amendment of Enactments) Order 2004

Sch.

para. 77(2)(c)

art. 1(2)

The European Single Currency (Taxes) Regulations 1998

reg. 6(3)

The Finance Act 2004, Sections 38 to 40 and 45 and Schedule 6 (Consequential Amendment of Enactments) Order 2004

Sch.

para. 77(2)(c)

art. 1(2)

The European Single Currency (Taxes) Regulations 1998

reg. 6(4)

The Finance Act 2004, Sections 38 to 40 and 45 and Schedule 6 (Consequential Amendment of Enactments) Order 2004

Sch.

para. 77(2)(d)

art. 1(2)

The European Single Currency (Taxes) Regulations 1998

reg 2 defn(s)

The European Single Currency (Taxes) (Amendment) Regulations 2002

regs 2

3(c)

European Single Currency (Taxes) Regs

The European Single Currency (Taxes) Regulations 1998

reg 2 defn(s)

The European Single Currency (Taxes) (Amendment) Regulations 2002

regs 2

3(a)

(b)

European Single Currency (Taxes) Regs

The European Single Currency (Taxes) Regulations 1998

regs 7–11

The European Single Currency (Taxes) (Amendment) Regulations 2002

regs 2

European Single Currency (Taxes) Regs

The European Single Currency (Taxes) Regulations 1998

reg 14

The Sale and Repurchase of Securities (Amendment of Instruments) Order 2007

art 3

European Single Currency (Taxes) Regs

The European Single Currency (Taxes) Regulations 1998

reg 19

The Sale and Repurchase of Securities (Amendment of Instruments) Order 2007

art 3

European Single Currency (Taxes) Regs

The European Single Currency (Taxes) Regulations 1998

reg 6

The European Single Currency (Taxes) (Amendment) Regulations 2008

reg 2

European Single Currency (Taxes) Regs

The European Single Currency (Taxes) Regulations 1998

Pt. 10

The Exchange Gains and Losses (Miscellaneous Modifications) Regulations 2000

reg. 10

reg. 1(2)

reg. 1(1)

European Single Currency (Taxes) Regs

The European Single Currency (Taxes) Regulations 1998

regs.41 -47 (Pt.X) residue

The Exchange Gains and Losses (Miscellaneous Modifications) Regulations 2000

regs.1

regs.1(2)

European Single Currency (Taxes) Regs

The European Single Currency (Taxes) Regulations 1998

PART IINTRODUCTORY

1Citation and commencement

2Interpretation

3Definition of euroconversion

PART IIDEDUCTIBILITY OF COSTS OF EUROCONVERSION OF SHARES AND OTHER SECURITIES

4Interpretation

5Trading companies

6Investment companies and insurance companies—deemed expenses of management

PART IIIEXCHANGE GAINS AND LOSSES, INTEREST RATE AND CURRENCY CONTRACTS AND OPTIONS, DEBT CONTRACTS AND OPTIONS, AND RELEVANT DISCOUNTED SECURITIES

7Deferral of unrealised gains

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

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

10Currency contracts (including options)—conversion into euro

11Debt contracts (including options)—conversion into euro

12Exchange or conversion of relevant discounted securities

PART IVAGREEMENTS FOR SALE AND REPURCHASE OF SECURITIES

13Interpretation

14Replacement of securities in a euroconversion

15Payment or benefit received by interim holder on euroconversion

16Payment deemed to be made by interim holder on euroconversion

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

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

19Euroconversion—loan relationships consequences

PART VSTOCK LENDING ARRANGEMENTS

20Interpretation

21Deemed capital payment

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

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

PART VIREPURCHASES AND STOCK LENDING—STAMP DUTY AND STAMP DUTY RESERVE TAX

24Interpretation

25Replacement of stock in a euroconversion

26Replacement of chargeable securities in a euroconversion

27Payment or benefit received by transferee of stock on euroconversion

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

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

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

PART VIIACCRUED INCOME SCHEME

31Interpretation

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

33Disapplication of variable interest rate provision in certain circumstances

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

35Treatment of capital sum receivable on euroconversion of securities

PART VIIICHARGEABLE GAINS

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

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

38Derivatives over assets the subject of euroconversion

39Cash payments received on euroconversion of securities

PART IXCONTROLLED FOREIGN COMPANIES

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

PART XAMENDMENTS TO THE LOCAL CURRENCY ELECTIONS REGULATIONS

41Introductory

42Period for determining validity of elections

43Existing election for ecu or participating currencies

44Treatment of existing part trade elections in participating currencies

45Election for whole trade where part trade election already exists

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

47Part trade elections for new part trades

1998 No. 3177

TAXES

The European Single Currency (Taxes) Regulations 1998

Made17th December 1998

Laid before the House of Commons17th December 1998

Coming into force1st January 1999

The Treasury, in exercise of the powers conferred on them by sections 93(1) and (6), 94(1), (2), (3) and (11) and 95 (1), (2) and (3) of the Finance Act 19931 and section 163 of the Finance Act 19982, hereby make the following Regulations: