PART 1

Direct taxes

Miscellaneous

Debt traded on a multilateral trading facility
34
1
In section 987 of ITA 2007 (meaning of “quoted Eurobond”)—
a
the current text becomes subsection (1);
b
in paragraph (b) of that subsection, after “exchange” insert “ or admitted to trading on a multilateral trading facility operated by an EEA-regulated recognised stock exchange ”;
c
after that subsection insert—
2
For the purposes of this section—
a
a recognised stock exchange is an “EEA-regulated recognised stock exchange” if it is regulated in the European Economic Area, and
b
“multilateral trading facility” has the same meaning as in Article 4.1.22 of Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments.
2
In each of section 151N of TCGA 1992, section 564G of ITA 2007 and section 507 of CTA 2009 (investment bond arrangements)—
a
in subsection (1)(h), after “exchange” insert “ or admitted to trading on a multilateral trading facility operated by an EEA-regulated recognised stock exchange ”;
b
in subsection (2)—
i
omit the “and” at the end of paragraph (h);
ii
after paragraph (i) insert—
j
a recognised stock exchange is an “EEA-regulated recognised stock exchange” if it is regulated in the European Economic Area, and
k
“multilateral trading facility” has the same meaning as in Article 4.1.22 of Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments.
3
The amendments made by subsection (1) have effect in relation to payments made on or after 1 April 2018.
4
The amendments made by subsection (2) have effect—
a
for corporation tax purposes, in relation to accounting periods beginning on or after 1 April 2018;
b
for income tax and capital gains tax purposes, for the tax year 2018-19 and subsequent tax years.