{
  "url": "https://openlegislation.uk/draft-taxation-of-securitisation-companies-regulations-2006/regulation-14",
  "json_url": "https://openlegislation.uk/draft-taxation-of-securitisation-companies-regulations-2006/regulation-14.json",
  "legislation": "ukdsi/2006/0110753275",
  "legislation_title": "The Taxation of Securitisation Companies Regulations 2006",
  "legislation_url": "https://openlegislation.uk/draft-taxation-of-securitisation-companies-regulations-2006",
  "path": "regulation/14",
  "kind": "regulation",
  "number": "14",
  "heading": "Corporation tax charge",
  "text": "(1) The profit of a securitisation company to be brought into account for an accounting period for corporation tax purposes is the aggregate of—\n(a) the greater of—\n(i) nil; and\n(ii) the amount given by the formula—\nRP – DS + D, and\n(b) the amount specified in paragraph (3).\n(2) In paragraph (1)—\nRP is the amount of the retained profit of the securitisation company for the accounting period;\nDS is the amount of any distribution received in that accounting period from another securitisation company which is party to the capital market arrangement where the distribution is made from that company’s retained profit;\nD is the greater of—\n(a) the amount equal to the aggregate of any dividends paid by the securitisation company in that and any previous accounting period, less—\n(i) RP for the accounting period,\n(ii) the aggregate of profits calculated under this regulation for previous accounting periods,\n(iii) the aggregate of DS calculated under this regulation for previous accounting periods, and\n(iv) the amount of any dividends paid out of profits arising in any previous accounting period in which these Regulations did not apply; and\n(b) nil.\n(3) The specified amount is any credit that would be brought into account by the securitisation company in the accounting period in consequence of paragraph 12A of Schedule 9 to the Finance Act 1996 (transferee leaving group after replacing transferor as party to loan relationship) or paragraph 30A of Schedule 26 to the Finance Act 2002 (transferee leaving group after replacing transferor as party to derivative contract).\n(4) The amount of profit calculated under this regulation shall be brought into account for corporation tax purposes instead of any other amount that would fall to be brought into account.",
  "extent": null,
  "status": null,
  "version": "current",
  "annotations": [
    {
      "type": "footnote",
      "label": "f1",
      "text": "1996 c. 8. Paragraph 12A was inserted by section 39 of, and paragraph 18 of Schedule 7 to, the Finance (No. 2) Act 2005 (c. 7)."
    },
    {
      "type": "footnote",
      "label": "f2",
      "text": "2002 c. 23. Paragraph 30A was inserted by section 39 of, and paragraph 24 of Schedule 7 to, the Finance (No. 2) Act 2005."
    }
  ],
  "outstanding_effects": [],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/ukdsi/2006/0110753275/regulation/14",
    "retrieved_at": "2026-10-30T15:20:40.450658+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."
}