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08 March 2011
Are you foxed by foreign currency accounts and share purchases? MIKE THEXTON explains the rules
KEY POINTS
- The principle in Bentley v Pike.
- Foreign currency is an asset in its own right.
- The rules for shares do not apply to bank accounts.
- Dealing with multiple foreign currency accounts.
- Aggregating monthly credits and debits.
Years ago I travelled to a district society to give a lecture on the taxation of investment income. (It seemed like a good idea when I was asked less so when I had to make it last a whole afternoon). I announced the next section of my talk: the accrued income scheme. A man in the front row remarked loudly ‘We don’t do that here’.
I glanced around the room; everyone was agreeing with him. A quick look in my Butterworths revealed no ‘Accrued Income Scheme (Regional Exclusions) Order’ among the statutory instruments...
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