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


(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 8 applies in relation to the loan.
(3) The amount of the loan that is outstanding, at the relevant time, 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) For the purposes of this paragraph and paragraph 8, the “relevant time” in relation to a loan is the time immediately before—
(a) the end of the approved repayment date, if the loan is an approved fixed term loan on 5 April 2019, or
(b) the end of 5 April 2019 in any other case.
(5) See paragraph 6 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/12/paragraph/5 (the official version)
Page: https://openlegislation.uk/finance-no-2-act-2017/schedule-12/paragraph-5
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.