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Finance Act 1993
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Changes over time for: Section 161
Version Superseded: 24/07/2002
Alternative versions:
- 27/07/1993- Amendment
- 28/07/1993
Point in time - 24/07/2002- Amendment
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161 Settlement currency of a debt.U.K.
(1)Subject to the following provisions of this section, the settlement currency of a debt is the currency in which ultimate settlement of the debt falls to be made.
(2)In a case where—
(a)ultimate settlement of a debt falls to be made in a particular currency, but
(b)the amount of the currency falls to be determined by reference to the value at any time of an asset consisting of or denominated in another currency,
the settlement currency of the debt is the other currency.
(3)As regards a debt mentioned in section 153(2)(b) above, and as regards a case where section 156(3) above applies, in subsections (1) and (2) above “falls” (in each place) shall be read as “ would fall ”.
(4)Where the settlement currency of a debt cannot be determined under subsections (1) to (3) above, the settlement currency of the debt is the currency that can reasonably be regarded as the most appropriate—
(a)deeming the state of affairs at settlement to be the same as the state of affairs at the material time, and
(b)having regard to subsections (1) to (3) above;
and the material time is the time immediately after the company becomes entitled to the asset mentioned in section 153(1)(a) above or subject to the liability mentioned in section 153(2)(a) or (b) or (c) above.
(5)For the purposes of this section the ecu shall be regarded as a currency.
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