(1) Where on any day a debt (to which section 541 does not apply by virtue of subsection (6) of that section) owed to a person in a currency other than the currency of the State, becomes a debt in the currency of the State as a result of the currency of a State being substituted by another currency, which other currency also on that day becomes the currency of the State, then, subject to subsection (2), that debt shall be deemed, for the purposes of the Capital Gains Tax Acts, on the day preceding that day, to be disposed of by the person and immediately reacquired by the person at its market value.
(2) Subject to subsection (4) and notwithstanding any other provision of the Capital Gains Tax Acts, where in respect of a debt a chargeable gain accrues to a person by virtue of subsection (1), that chargeable gain shall be assessed and charged as if it were a chargeable gain which accrued to the person at the time of the disposal of the debt and shall not be assessed and charged otherwise
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