CG78316 - Currency: identification of disposals with acquisitions

TCGA92/S104 (3)

Currency is subject to the same rules of identification and pooling as unquoted shares and securities. See CG50500+.

If the taxpayer agrees, you may adopt a simplified method for computing gains or losses on currency acquired and disposed of in the course of buying and selling overseas investments. You may treat all disposals of any one currency, or `class' of currency, in the year of assessment or accounting period as a single disposal. You should compute the gain or loss by reference to the average price of the pool from which the currency derived.