66 Currency used in tax calculations: chargeable gains and losses
Finance Act 2013 (2013 c 29) | Legislation

66  Currency used in tax calculations: chargeable gains and losses

(1)     Chapter 4 of Part 2 of CTA 2010 (currency) is amended as follows.

(2)     In section 5 (basic rule: sterling to be used), after subsection (2) insert—

“(3)     See section 9C for provision about the application of subsection (1) so far as it relates to calculating chargeable gains.”

(3)     After section 9B insert—

“9C Chargeable gains and losses of companies

(1)     This section applies if—

(a)     a company disposes of an asset which is a ship, an aircraft, shares or an interest in shares, and

(b)     at any time beginning with the company's acquisition of the asset (or, if earlier, the time allowable expenditure was first incurred in respect of the asset) and ending with the disposal, the company's relevant currency is not sterling.

(2)     A company's relevant currency at any time is its functional currency at that time, subject to subsection (3).

(3)     If, at any time—

(a)     a company is a UK resident investment

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