# Finance (No. 2) Act 2017, Paragraph 7

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

(1) This paragraph applies in relation to a loan where the loan currency is a currency other than sterling.
(2) But this paragraph does not apply if paragraph 10 applies in relation to the loan.
(3) The amount of the 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 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 8 for provision about repayments made in a currency other than the loan currency.

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Source: https://www.legislation.gov.uk/ukpga/2017/32/schedule/11/paragraph/7 (the official version)
Page: https://openlegislation.uk/finance-no-2-act-2017/schedule-11/paragraph-7
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.