SCHEDULES

SCHEDULE 12Trading income provided through third parties: loans etc outstanding on 5 April 2019

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

5(1)This paragraph applies in relation to a loan where the loan currency is a currency other than sterling.

(2)But this paragraph does not apply if paragraph 8 applies in relation to the loan.

(3)The amount of the loan that is outstanding, at the relevant time, is to be calculated in sterling as follows—

(4)For the purposes of this paragraph and paragraph 8, the “relevant time” in relation to a loan is the time immediately before—

(a)the end of the approved repayment date, if the loan is an approved fixed term loan on 5 April 2019, or

(b)the end of 5 April 2019 in any other case.

(5)See paragraph 6 for provision about repayments made in a currency other than the loan currency.