Statutory Instruments
2022 No. 465
Corporation Tax
Income Tax
The Taxation of Securitisation Companies (Amendment) Regulations 2022
Made
25th April 2022
Laid before the House of Commons
26th April 2022
Coming into force
17th May 2022
The Treasury, in exercise of the powers conferred by sections 623(2)(b), 624 and 625 of the Corporation Tax Act 2010( 1 ), make the following Regulations.
Citation, commencement and effect
1. —(1) These Regulations may be cited as the Taxation of Securitisation Companies (Amendment) Regulations 2022 and come into force on 17th May 2022.
(2) In respect of a company, these Regulations do not apply in relation to a capital market arrangement entered into by it before the date on which these Regulations come into force, any capital market investment that is part of such a capital market arrangement or any securities representing such a capital market investment( 2 ).
Amendment of the Taxation of Securitisation Companies Regulations 2006
2.The Taxation of Securitisation Companies Regulations 2006( 3 ) are amended as follows.
Amendment of regulation 2
3. In regulation 2 (interpretation) for paragraph (3) substitute—
“ (3) Sections 1122 and 1123 of CTA 2010 (“connected persons” and “connected persons: supplementary”) apply for the purposes of the definition of “independent persons” except that—
(a) subject to paragraph (b), “ control ” is to be read in accordance with subsection (2) of section 1124 of CTA 2010; and
(b) in applying subsection (2) of section 1124 of CTA 2010 where Company A is the company issuing the securities, paragraph (b) of that subsection is to be read as if the words “or other document regulating that or any other body corporate” were omitted. ” .
Amendment of regulation 5
4. In regulation 5 (meaning of “ note-issuing company ”), in paragraph (4) for “£10 million” substitute “£5 million” .
Michael Tomlinson
Rebecca Harris
Two of the Lords Commissioners of Her Majesty’s Treasury
25th April 2022
2010 c. 4 ; section 624 was amended by section 65(1) to (4) of the Finance Act 2016 (c. 24) and section 625 was amended by section 65(5) of that Act.
“Capital market arrangement” and “capital market investment” have the meanings given in section 72B of the Insolvency Act 1986 as amended (see paragraphs 1, 2 and 3 of Schedule 2A to that Act).
S.I. 2006/3296 , amended by 2018/143; there are other amending instruments but none is relevant.