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HMRC internal manual

Capital Gains Manual

Exemptions: foreign currency for personal expenditure, SAYE schemes

Foreign currency (TCGA92/S269)

No chargeable gain arises on the disposal by an individual of currency acquired by him or her for the personal expenditure outside the United Kingdom of himself or herself or of his or her family or dependents. This includes expenditure on the provision or maintenance of any residence outside the United Kingdom. This exemption applies only to gains on foreign currency.

If losses accrue in circumstances where a gain would not be a chargeable gain then those losses will not be allowable losses because of TCGA92/S16(2).

Apart from this, currency (which includes foreign currency banknotes and foreign travellers’ cheques) is a chargeable asset, see CG78300+.

SAYE schemes (TCGA92/S271(4))

Interest and bonuses paid under certified SAYE (Save as You Earn) savings arrangements are disregarded for all capital gains tax purposes. Such schemes may entail deposits with the Department of National Savings or a bank or in the form of shares in a building society. For guidance see SAIM2300.