{
  "url": "https://openlegislation.uk/draft-risk-transformation-tax-regulations-2017/note",
  "json_url": "https://openlegislation.uk/draft-risk-transformation-tax-regulations-2017/note.json",
  "legislation": "ukdsi/2017/9780111160541",
  "legislation_title": "The Risk Transformation (Tax) Regulations 2017",
  "legislation_url": "https://openlegislation.uk/draft-risk-transformation-tax-regulations-2017",
  "path": "note",
  "kind": "note",
  "number": null,
  "heading": "Explanatory note",
  "text": "(This note is not part of the Regulations)\nThese Regulations make provision for the taxation of qualifying transformer vehicles.\nRegulation 1 provides for citation, commencement and effect.\nRegulation 2 defines terms used in the Regulations.\nRegulation 3 sets out the conditions for constituting a qualifying transformer vehicle.\nRegulation 4 provides for an exemption for corporation tax.\nRegulation 5 removes the income tax withholding obligation.\nRegulations 6 to 8 sets out circumstances where the special tax treatment will be removed, regulation 7 relates to penalties and regulation 8 applies where the purpose of the risk transformation is to secure a tax advantage.\nRegulations 9 to 11 make provision in relation to the application of the Corporation Tax Acts.\nA Tax Information and Impact Note covering this instrument was published on 23 November 2016 alongside the draft Risk Transformation (Tax) Regulations 2017 and is available on the website at https://www.gov.uk/government/publications/tax-regime-for-insurance-linked-securities/tax-regime-for-insurance-linked-securities. It remains an accurate summary of the impacts that apply to this instrument.",
  "extent": null,
  "status": null,
  "version": "current",
  "annotations": [],
  "outstanding_effects": [],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/ukdsi/2017/9780111160541/note",
    "retrieved_at": "2026-10-30T15:06:05.442693+00:00"
  },
  "licence": "Open Government Licence v3.0",
  "licence_url": "https://www.nationalarchives.gov.uk/doc/open-government-licence/version/3/",
  "attribution": "Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives."
}