(This note is not part of the Regulations)
These Regulations amend the Taxation of Securitisation Companies Regulations 2006.
Regulation 1 provides for citation, commencement and effect. The Regulations have effect for periods of account beginning on or after 1st January which are current on the date the Regulations are made and subsequent periods. Authority for this retrospective effect is provided by section 625(3) of the Corporation Tax Act 2010. The amendment to the definition of “financial asset” does not apply in relation to a capital market arrangement (within the meaning referred to in the Regulations) in existence on the date these Regulations are made.
Regulation 3 amends definitions in regulation 2.
Regulation 4 makes consequential amendments to regulation 3.
Regulation 5 amends regulation 8 to amend the definition of warehouse company.
Regulation 6 inserts a new definition of financial asset.
Regulation 7 makes a consequential amendment to a heading.
Regulation 8 inserts a new provision to remove the withholding obligation under section 901 of the Income Tax Act 2007.
Regulation 9 inserts a new provision to disapply sections 710 and 713 of Corporation Tax Act 2010 (recovery of unpaid corporation tax) in relation to a securitisation company
Regulation 10 updates statutory references.
A Tax Information and Impact Note covering this instrument was published on 4 December 2017 alongside the consultation draft of the Taxation of Securitisation Companies (Amendment) Regulations 2018 and is available on the website at https://www.gov.uk/government/collections/tax-information-and-impact-notes-tiins. It remains an accurate summary of the impacts that apply to this instrument.