Tax on currency conversion in another country

My relative is a UK tax resident and has a bank account with currency X in a foreign bank in another country. We are considering converting currency X to currency Y and withdrawing Y from the foreign account in another country on behalf of the relative. What tax implications would this have? My understanding is the following: 1. This is a taxable event under a Capital Gains Tax. 2. If the gain from currency conversion is less than the £3000 non-taxable allowance, then the non-taxable capital gains allowance would still apply to my UK relative even if he's on the additional rate of taxable salary income (over £125140) https://www.gov.uk/capital-gains-tax/allowances 3. If the total amount of sold assets is less than £50000 (and my relative has no other capital gains in the tax year), then currency conversion from X to Y and withdrawing Y should not be reported to HMRC, and nothing about this transaction should be reported in Self-Assessment for this tax https://www.gov.uk/capital-gains-tax/work-out-need-to-pay Can you please help me understand whether all 1-3 points of my understanding are correct?

Hi,

1. Yes, that is correct. You can see guidance here: CG78300 - Foreign currency: introduction
2. Yes, that is cottect.
3. As this is foreign capital gains, the gains should be declared in a Self Assessment tax return, regardless of the sums involved.

Thank you.