Statutory Instruments
2016 No. 1182
Corporation Tax
The Securitisation Companies (Application of Section 83(1) of the Finance Act 2005: Accounting Standards) (Amendment) Regulations 2016
Made
6th December 2016
Laid before the House of Commons
7th December 2016
Coming into force
28th December 2016
The Treasury make the following Regulations in exercise of the powers conferred by section 83(7A) and (7B) of the Finance Act 2005( 1 ).
Citation, commencement and effect
1. —(1) These Regulations may be cited as the Securitisation Companies (Application of Section 83(1) of the Finance Act 2005: Accounting Standards) (Amendment) Regulations 2016 and come into force on 28th December 2016.
(2) These Regulations do not apply to a company if it elects that the Regulations are not to apply to it.
(3) An election under paragraph (2)—
(a) must be made in writing to Her Majesty’s Revenue and Customs,
(b) must be made before the later of—
(i) the end of the first accounting period ending on or after 1st January 2017, and
(ii) 31st March 2017, and
(c) is irrevocable.
Amendment of the Securitisation Companies (Application of Section 83(1) of the Finance Act 2005: Accounting Standards) Regulations 2007
2. In regulation 2(2) of the Securitisation Companies (Application of Section 83(1) of the Finance Act 2005: Accounting Standards) Regulations 2007( 2 ) for “1st January 2017” substitute “1st January 2037”.
Guy Opperman
Robert Syms
Two of the Lords Commissioners of Her Majesty’s Treasury
6th December 2016
2005 c. 7 ; subsections (7A) and (7B) were inserted by section 59(3) of the Finance Act 2007 (c. 11) .