The Hybrid and Other Mismatches (Financial Instrument: Exclusions) Regulations 2019

Document Number:2019 No. 1251
Coming into force:Coming into force on the 29/11/2019
 
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The Hybrid and Other Mismatches (Financial Instrument: Exclusions) Regulations 2019

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2019 No. 1251

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Statutory Instruments

Corporation Tax

Made

9 th September 2019

Laid before the House of Commons

10 th September 2019

Coming into force

29 th November 2019

The Treasury, in exercise of the power conferred by section 259 N(3)(b) of the Taxation (International and Other Provisions) Act 2010(1) , make the following Regulations.

Citation, commencement and effect

  1. —(1) These Regulations may be cited as the Hybrid and Other Mismatches (Financial Instrument: Exclusions) Regulations 2019 and come into force on 29 th November 2019.

    (2) These Regulations have effect in relation to—

    (a) payments(2) made on or after 1 st January 2019 , and

    (b) quasi-payments(3) in relation to which the payment period(4) begins on or after that date.

    (3) Where a payment period begins before 1 st January 2019 and ends on or after that date (“the straddling period”)—

    (a) so much of the straddling period as falls before 1 st January 2019 , and so much of that period as falls on or after that date, are to be treated as separate taxable periods(5) , and

    (b) where it is necessary to apportion an amount for the straddling period to the two separate taxable periods, it is to be apportioned—

    (i) on a time basis according to the respective length of the separate taxable periods, or

    (ii) if that method would produce a result that is unjust or unreasonable, on a just and reasonable basis.

    Interpretation

  2. In these Regulations—

    “Additional Tier 1 instruments” has the meaning given by section 3(1) of the Banking Act 2009(6);

    “CDR” means the Commission Delegated Regulation (EU) 2015/35 of 10 October 2014 supplementing Directive 2009/138/EC of the European Parliament and of the Council on the taking-up and pursuit of the business of Insurance and Reinsurance (Solvency II)(7);

    “eligible liabilities” has the meaning given by section 3(1) of the Banking Act 2009;

    “own funds” has the meaning given by section 3(1) of the Banking Act 2009;

    “Tier 2 instruments” has the meaning given by section 3(1) of the Banking Act 2009;

    ...

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