The Taxation of Securitisation Companies (Amendment) Regulations 2022

• Citation: S.I. 2022/465
• Sections: 4

Section 1 Citation, commencement and effect

(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 .

Section 2 Amendment of the Taxation of Securitisation Companies Regulations 2006

The Taxation of Securitisation Companies Regulations 2006 are amended as follows.

Section 3 Amendment of regulation 2

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.

Section 4 Amendment of regulation 5

In regulation 5 (meaning of “ note-issuing company ”), in paragraph (4) for “£10 million” substitute “£5 million” .