# Finance (No. 2) Act 2017, Paragraph 15

Extent: E+W+S+N.I.

(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 within paragraph 1, 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.

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Source: https://www.legislation.gov.uk/ukpga/2017/32/schedule/11/paragraph/15 (the official version)
Page: https://openlegislation.uk/finance-no-2-act-2017/schedule-11/paragraph-15
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.