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Finance (No. 2) Act 2017
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Meaning of “outstanding”: quasi-loans in currencies other than sterling
15(1)This paragraph applies in relation to the quasi-loan if the quasi-loan currency is a currency other than sterling.
(2)But this paragraph does not apply if paragraph 18 applies in relation to the quasi-loan.
(3)The amount of the quasi-loan that is outstanding, at the time P is treated as taking the relevant step, is to be calculated in sterling as follows—
Step 1
Calculate, in the quasi-loan currency, the amount that is outstanding at that time.
Step 2
Take the value in sterling, at that time, of that amount.
(4)See paragraph 16 for provision about repayments made in a currency other than the quasi-loan currency.
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