The Securitisation Companies (Application of Section 83(1) of the Finance Act 2005: Accounting Standards) (Amendment) Regulations 2016

• Citation: S.I. 2016/1182
• Sections: 2

Section 1 Citation, commencement and effect

(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.

Section 2 Amendment of the Securitisation Companies (Application of Section 83(1) of the Finance Act 2005: Accounting Standards) Regulations 2007

In regulation 2(2) of the Securitisation Companies (Application of Section 83(1) of the Finance Act 2005: Accounting Standards) Regulations 2007 for “1st January 2017” substitute “1st January 2037”.