Statement of Practice 10 (1984)
Published 19 December 1984
© Crown copyright 1984
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Statement of Practice 10 (1984)
1. At present, under Taxation of Chargeable Gains Act (TCGA) 1992 section 252(1), direct transfers from 1 foreign bank account to another are treated as a disposal and an acquisition of assets for Capital Gains Tax purposes.
2. Except in relation to an account to which TCGA 1992 section 275(1) applies (accounts held by non-domiciled individuals), a taxpayer may treat all bank accounts in his name containing a particular foreign currency as 1 account and disregard direct transfers among such accounts for Capital Gains Tax purposes. This practice once adopted must be applied to all future direct transfers among bank accounts in that taxpayer’s name containing that particular foreign currency until such time as all debt represented in the bank accounts has been repaid to the taxpayer.
3. This practice may be applied to all cases where the Capital Gains Tax computations have not been settled.