Finance (No. 2) Act 2017 (c. 32)

SCHEDULES

SCHEDULE 11 U.K. Employment income provided through third parties: loans etc outstanding on 5 April 2019

PART 1 U.K. Application of Part 7A of ITEPA 2003

Meaning of “outstanding”: loans in currencies other than sterling U.K.

6 (1) In paragraphs 7 to 10 “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 7 to 10, the value of an amount in a particular currency is to be determined by reference to an appropriate spot rate of exchange.