# Finance (No. 2) Act 2017, Paragraph 5

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

(1) This paragraph applies where—
(a) a person (“P”) has made a loan to a relevant person,
(b) the loan was made on or after 9 December 2010, and
(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.
(2) The amount of the loan in respect of which A or B acquires a right to payment is to be treated—
(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;
(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).
(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.

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Source: https://www.legislation.gov.uk/ukpga/2017/32/schedule/11/paragraph/5 (the official version)
Page: https://openlegislation.uk/finance-no-2-act-2017/schedule-11/paragraph-5
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.