{
  "url": "https://openlegislation.uk/finance-no-2-act-2017/schedule-11/paragraph-5",
  "json_url": "https://openlegislation.uk/finance-no-2-act-2017/schedule-11/paragraph-5.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/5",
  "kind": "paragraph",
  "number": "5",
  "heading": null,
  "text": "(1) This paragraph applies where—\n(a) a person (“P”) has made a loan to a relevant person,\n(b) the loan was made on or after 9 December 2010, and\n(c) before the end of 5 April 2019, A or B acquires (whether or not for consideration) a right to payment of the whole or part of the loan.\n(2) The amount of the loan in respect of which A or B acquires a right to payment is to be treated—\n(a) for the purposes of paragraph 1(1) as an amount, of the loan made by P to the relevant person, that is outstanding immediately before the end of 5 April 2019;\n(b) for the purposes of paragraphs 1(4) and 1A(5) and section 554Z3(1) of ITEPA 2003, as an amount of the loan that is outstanding at the time P is treated as taking the relevant step under paragraph 1(1).\n(3) 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 sub-paragraphs (1) and (2) to the loan are references to the replacement loan.",
  "extent": "E+W+S+N.I.",
  "status": null,
  "version": "current",
  "annotations": [
    {
      "type": "F",
      "label": "F1",
      "text": "Words in Sch. 11 para. 5(1)(b) substituted (22.7.2020) by Finance Act 2020 (c. 14), Sch. 2 para. 6"
    },
    {
      "type": "F",
      "label": "F2",
      "text": "Words in Sch. 11 para. 5(2)(b) substituted (22.7.2020) by Finance Act 2020 (c. 14), Sch. 2 para. 30"
    }
  ],
  "outstanding_effects": [],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/ukpga/2017/32/schedule/11/paragraph/5",
    "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."
}