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For a gain or loss to be within the scope of tax on chargeable gains, there must be a chargeable disposal of a chargeable asset by a chargeable person. See C1.102–C1.104.

Individuals, trustees and personal representatives are subject to capital gains tax on chargeable gains. Companies are subject to corporation tax on chargeable gains. See C1.102 for a summary of the territorial scope of UK tax on chargeable gains.

The commentary below considers the liability to capital gains tax on foreign exchange gains or losses (also known as foreign currency gains or losses).

For companies, foreign exchange gains and losses on monetary assets and liabilities (such as cash, bank deposits and debts), and on forward contracts to buy or sell currency, are taxed as income or allowed as deductions under the regimes governing loan relationships or derivative contracts. For details, see D1.731 (loan relationships) and D1.851 (derivative contracts).

For the avoidance of doubt, cryptoassets are not treated as foreign currency for the purposes of taxation of chargeable gains. For the taxation of gains and losses