# Finance Act 2004, Paragraph 13


(1) Amount 2 arises if paragraph (b) of section 179 (1) (loan must be secured by charge of adequate value) is not complied with.
(2) Amount 2 is—
AO-VAwhere—
AO is the amount owing (including interest) at the relevant time, and
VA is the market value at that time of the assets charged but if the loan is not secured by a charge, or is secured by a charge which does not meet condition C (as defined in paragraph 1), is nil.

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Source: https://www.legislation.gov.uk/ukpga/2004/12/schedule/30/paragraph/13 (the official version)
Page: https://openlegislation.uk/finance-act-2004/schedule-30/paragraph-13
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.