Meaning of “outstanding”: quasi-loans in currencies other than sterlingU.K.
14(1)Paragraphs 15 to 18 apply where P makes a quasi-loan to a relevant person by reason of acquiring a right to a payment in a particular currency (the “quasi-loan currency”).U.K.
(2)For the purposes of paragraphs 15 to 18, the value of an amount in a particular currency is to be determined by reference to an appropriate spot rate of exchange.
15(1)This paragraph applies in relation to the quasi-loan if the quasi-loan currency is a currency other than sterling.U.K.
(2)But this paragraph does not apply if paragraph 18 applies in relation to the quasi-loan.
(3)The amount of the quasi-loan that is outstanding, at the time P is treated as taking the relevant step [F1within paragraph 1], 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)See paragraph 16 for provision about repayments made in a currency other than the quasi-loan currency.
Textual Amendments
F1Words in Sch. 11 para. 15(3) inserted (22.7.2020) by Finance Act 2020 (c. 14), Sch. 2 para. 36