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

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

(1) In this Part of this Schedule “loan” includes—
(a) any form of credit;
(b) a payment that is purported to be made by way of a loan.
(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”)—
(a) which is a right to a payment or a transfer of assets, and
(b) in respect of which the condition in sub-paragraph (3) is met.
(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—
(a) a payment made, by way of a loan or otherwise, to the relevant person, or
(b) a transfer of assets to the relevant person.
(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.
(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.
(6) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

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