# Finance (No. 2) Act 2017, Paragraph 11


(1) This paragraph applies in relation to the quasi-loan if the quasi-loan currency is a currency other than sterling.
(2) But this paragraph does not apply if paragraph 14 applies in relation to the quasi-loan.
(3) The amount of the quasi-loan that is outstanding, at the relevant time, is to be calculated in sterling as follows—
Step 1 Calculate, in the quasi-loan currency, the amount that is outstanding at that time.
Step 2 Take the value in sterling, at that time, of that amount.
(4) For the purposes of this paragraph and paragraph 14, the “relevant time” in relation to a quasi-loan is the time immediately before the end of 5 April 2019.
(5) See paragraph 12 for provision about repayments made in a currency other than the quasi-loan currency.

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Source: https://www.legislation.gov.uk/ukpga/2017/32/schedule/12/paragraph/11 (the official version)
Page: https://openlegislation.uk/finance-no-2-act-2017/schedule-12/paragraph-11
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.