{
  "url": "https://openlegislation.uk/finance-no-2-act-2017/schedule-11/paragraph-2",
  "json_url": "https://openlegislation.uk/finance-no-2-act-2017/schedule-11/paragraph-2.json",
  "legislation": "ukpga/2017/32",
  "legislation_title": "Finance (No. 2) Act 2017",
  "legislation_url": "https://openlegislation.uk/finance-no-2-act-2017",
  "path": "schedule/11/paragraph/2",
  "kind": "paragraph",
  "number": "2",
  "heading": null,
  "text": "(1) In this Part of this Schedule “loan” includes—\n(a) any form of credit;\n(b) a payment that is purported to be made by way of a loan.\n(2) For the purposes of paragraphs 1 and 1A, P makes a “quasi-loan” to a relevant person if (and when) P acquires a right (the “acquired debt”)—\n(a) which is a right to a payment or a transfer of assets, and\n(b) in respect of which the condition in sub-paragraph (3) is met.\n(3) The condition is met in relation to a right if there is a connection (direct or indirect) between the acquisition of the right and—\n(a) a payment made, by way of a loan or otherwise, to the relevant person, or\n(b) a transfer of assets to the relevant person.\n(4) Where a quasi-loan or a loan made by P to a relevant person is replaced, directly or indirectly, by a loan or another loan (the “replacement loan”), references in paragraphs 1 and 1A to the loan are references to the replacement loan.\n(5) Where a loan or a quasi-loan made by P to a relevant person is replaced, directly or indirectly, by a quasi-loan or another quasi-loan (the “replacement quasi-loan”), references in paragraphs 1 and 1A to the quasi-loan are references to the replacement quasi-loan.\n(6) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .",
  "extent": "E+W+S+N.I.",
  "status": null,
  "version": "current",
  "annotations": [
    {
      "type": "F",
      "label": "F1",
      "text": "Words in Sch. 11 para. 2(2) substituted (22.7.2020) by Finance Act 2020 (c. 14), Sch. 2 para. 27(a)"
    },
    {
      "type": "F",
      "label": "F2",
      "text": "Words in Sch. 11 para. 2(4) substituted (22.7.2020) by Finance Act 2020 (c. 14), Sch. 2 para. 27(b)"
    },
    {
      "type": "F",
      "label": "F3",
      "text": "Words in Sch. 11 para. 2(5) substituted (22.7.2020) by Finance Act 2020 (c. 14), Sch. 2 para. 27(c)"
    },
    {
      "type": "F",
      "label": "F4",
      "text": "Sch. 11 para. 2(6) omitted (22.7.2020) by virtue of Finance Act 2020 (c. 14), Sch. 2 para. 4"
    }
  ],
  "outstanding_effects": [],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/ukpga/2017/32/schedule/11/paragraph/2",
    "retrieved_at": "2026-10-29T09:05:16.335265+00:00"
  },
  "licence": "Open Government Licence v3.0",
  "licence_url": "https://www.nationalarchives.gov.uk/doc/open-government-licence/version/3/",
  "attribution": "Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives."
}