- Latest available (Revised)
- Original (As made)
This is the original version (as it was originally made). This item of legislation is currently only available in its original format.
3.—(1) The Taxation of Securitisation Companies Regulations 2006(1) are amended as follows.
(2) At the end insert—
“22.—(1) For the purposes of Part 10 (Corporate Interest Restriction) of TIOPA 2010—
(a)the net tax-interest income(2) for an accounting period of the securitisation company is the sum of—
(i)the amount of profit calculated under regulation 14 for that period, and
(ii)the amount of any management fee paid in that period by the securitisation company to another UK group company(3) in relation to the management of assets held by the securitisation company for the purposes of the capital market arrangement; and
(b)the adjusted corporation tax earnings(4) of the securitisation company for an accounting period is a negative amount equal to the amount in paragraph (a)(ii).
(2) Section 414(3)(b) (qualifying net group-interest expense, results dependent securities) of that Act(5) does not apply in relation to any interest paid or other distribution made by a securitisation company.”
S.I. 2006/3296, to which there are amendments not relevant to these Regulations.
“The net tax-interest income” is defined in section 389 of the Taxation (International and Other Provisions) Act 2010 inserted by paragraph 1 of Schedule 5 to the Finance (No. 2) Act 2017.
“UK group company” is defined in section 492 of the Taxation (International and Other Provisions) Act 2010 inserted by paragraph 1 of Schedule 5 to the Finance (No. 2) Act 2017.
“Adjusted corporation tax earnings” is defined in section 406(2) of the Taxation (International and Other Provisions) Act 2010 inserted by paragraph 1 of Schedule 5 to the Finance (No. 2) Act 2017.
Section 414 was inserted by paragraph 1 of Schedule 5 to the Finance (No. 2) Act 2017.
Latest Available (revised):The latest available updated version of the legislation incorporating changes made by subsequent legislation and applied by our editorial team. Changes we have not yet applied to the text, can be found in the ‘Changes to Legislation’ area.
Original (As Enacted or Made): The original version of the legislation as it stood when it was enacted or made. No changes have been applied to the text.
Explanatory Memorandum sets out a brief statement of the purpose of a Statutory Instrument and provides information about its policy objective and policy implications. They aim to make the Statutory Instrument accessible to readers who are not legally qualified and accompany any Statutory Instrument or Draft Statutory Instrument laid before Parliament from June 2004 onwards.
Access essential accompanying documents and information for this legislation item from this tab. Dependent on the legislation item being viewed this may include:
Use this menu to access essential accompanying documents and information for this legislation item. Dependent on the legislation item being viewed this may include:
Click 'View More' or select 'More Resources' tab for additional information including: