Finance Act 2019 (c. 1)

SCHEDULES

SCHEDULE 20 U.K. Taxation of hybrid capital instruments

PART 2 U.K. Corporation tax, income tax and capital gains tax

Commencement for purposes of income tax and CGT U.K.

16 (1) The provision made by paragraphs 1 to 4 has effect for the purposes of income tax in relation to payments made on or after 1 January 2019. U.K.

(2) But the revocations made by paragraph 1—

(a) do not affect the application of regulation 6 or 9 of the Taxation of Regulatory Capital Securities Regulations 2013 in relation to payments made before the day on which this Act is passed, and

(b) do not, in the case of a transitional qualifying instrument, apply to payments made before 1 January 2024 in any case where regulation 6 or 9 of those Regulations would have applied but for the provision made by paragraph 1.

17 U.K. The revocations made by paragraph 1 have effect for the purposes of capital gains tax in relation to disposals made on or after 1 January 2019.

18 U.K. In so far as it relates to the definition of “corporate bond” in section 117(1) of TCGA 1992, the amendment made by paragraph 6 has effect in relation to disposals made on or after 1 January 2019.