Section 85(1)

Regulations 86 to 88 , except paragraphs (2A) to (2D) of regulation 86, apply to any payment transaction— executed wholly within the qualifying area in euro under a payment scheme which operates across the qualifying area executed wholly within the United Kingdom in sterling; or executed wholly under a payment scheme which operates across the qualifying area and involving only one currency conversion between the euro and sterling, provided that— the currency conversion is carried out in the United Kingdom; and in the case of cross-border payment transactions, the cross-border transfer takes place in euro.

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Source: legislation.gov.uk · retrieved 2026-09-04