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SCHEDULES

SCHEDULE 11Employment income provided through third parties: loans etc outstanding on 5 April 2019

PART 1Application of Part 7A of ITEPA 2003

Meaning of “outstanding”: quasi-loans in currencies other than sterling

14(1)Paragraphs 15 to 18 apply where P makes a quasi-loan to a relevant person by reason of acquiring a right to a payment in a particular currency (the “quasi-loan currency”).

(2)For the purposes of paragraphs 15 to 18, the value of an amount in a particular currency is to be determined by reference to an appropriate spot rate of exchange.