Finance (No. 2) Act 2017 (c. 32)

SCHEDULES

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

PART 1 Application of Part 7A of ITEPA 2003

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.