There are currently no known outstanding effects for the Finance (No. 2) Act 2017, Cross Heading: Meaning of “outstanding”: loans in currencies other than sterling.
4(1)In paragraphs 5 to 8 “the loan currency”, in relation to a loan, means the currency in which the initial principal amount of the loan is denominated (whether or not that amount is paid in that currency).U.K.
(2)For the purposes of paragraphs 5 to 8, the value of an amount in a particular currency is to be determined by reference to an appropriate spot rate of exchange.
5(1)This paragraph applies in relation to a loan where the loan currency is a currency other than sterling.U.K.
(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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