12(1)This paragraph applies in relation to the quasi-loan if—U.K.
(a)payments in money are made by way of repayment of the initial debt amount, and
(b)some or all of the payments are made in a currency other than the quasi-loan currency.
(2)But this paragraph does not apply if paragraph 14 applies in relation to the quasi-loan.
(3)For the purposes of calculating the repayment amount in relation to the quasi-loan, the amount of each of the payments referred to in sub-paragraph (1)(b) is an amount equal to its value in the quasi-loan currency on the date it is made.