# The Taxation of Securitisation Companies Regulations 2006, Regulation 7: Meaning of “intermediate borrowing company”


(1) For the purposes of these Regulations an “intermediate borrowing company” means a company that meets conditions A and B.
(2) Condition A is that the company’s only business, apart from any incidental activities, is to enter into and be a party to creditor relationships with—
(a) an asset-holding company,
(b) a company that would be an asset-holding company if the assets forming the security for the capital market arrangement were financial assets,
(c) a partnership that would be an asset-holding company if it were a company and the assets forming the security for the capital market arrangement were financial assets, or
(d) another intermediate borrowing company.
(3) Condition B is that the company’s liabilities representing debtor relationships are owed wholly or mainly to a note-issuing company or another intermediate borrowing company.

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Source: https://www.legislation.gov.uk/ukdsi/2006/0110753275/regulation/7 (the official version)
Page: https://openlegislation.uk/draft-taxation-of-securitisation-companies-regulations-2006/regulation-7
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.