Citation, commencement and effect

1. —(1) These Regulations may be cited as the Taxation of Securitisation Companies (Amendment No.2) Regulations 2007 and shall come into force on 28th December 2007.

(2) These Regulations have effect from the beginning of periods of account beginning on or after 1st January 2007 and current on 4th December 2007.

Amendments to the Taxation of Securitisation Companies Regulations 2006

2. —(1)The Taxation of Securitisation Companies Regulations 2006( 2 ) are amended as follows.

(2) In regulation 2 (interpretation) in paragraph (1) after the definition of “independent person” insert—

“ “insurance special purpose vehicle” has the same meaning as in section 431(2) of ICTA ( 3 ) ; ” .

(3) In regulation 5 (meaning of “note-issuing company”) in paragraph (5)—

(a) for “consists in one” substitute —

“ consists in—

(a) one ” ;

(b) renumber subparagraphs (a) and (b) as paragraphs (i) and (ii) of subparagraph (a) so created; and

(c) at the end insert—

• “ ; or

(b) being party to a creditor relationship with an insurance special purpose vehicle. ” .

(4) In regulation 7 (meaning of “intermediate borrowing company”) in paragraph (2)—

(a) in sub-paragraph (c) omit “or”, and

(b) at the end insert —

“ , or

(e) an insurance special purpose vehicle. ” .