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Finance (No. 2) Act 2017

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This is the original version (as it was originally enacted).

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

11(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 14 applies in relation to the quasi-loan.

(3)The amount of the quasi-loan that is outstanding, at the relevant time, 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)For the purposes of this paragraph and paragraph 14, the “relevant time” in relation to a quasi-loan is the time immediately before the end of 5 April 2019.

(5)See paragraph 12 for provision about repayments made in a currency other than the quasi-loan currency.

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