Section 252 | Foreign currency bank accounts. ^F1

(1)Section 251(1) does not apply in relation to a gain accruing to a person on a disposal of a foreign currency debt (or an interest in such a debt) unless that person is—

(a)an individual,

(b)the trustees of a settlement, or

(c)the personal representatives of a deceased person.

(2)A “foreign currency debt” is a debt—

(a)owed by a bank in a currency other than sterling, and

(b)represented by a sum standing to the credit of an account-holder in an account in that bank.