SCHEDULE 11Employment income provided through third parties: loans etc outstanding on 5 April 2019
PART 1Application of Part 7A of ITEPA 2003
6Meaning of “outstanding”: loans in currencies other than sterling
1
In paragraphs 7 to 10 “the loan currency”, in relation to a loan, means the currency in which the initial principal amount of the loan is denominated (whether or not that amount is paid in that currency).
2
For the purposes of paragraphs 7 to 10, the value of an amount in a particular currency is to be determined by reference to an appropriate spot rate of exchange.