SCHEDULES

SCHEDULE 12Trading income provided through third parties: loans etc outstanding on 5 April 2019

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

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.