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The Hybrid and Other Mismatches (Financial Instruments: Excluded Instruments) (Amendment) Regulations 2022

S.I. 2022/1144 · Made 7 November 2022

Original text. legislation.gov.uk does not revise statutory instruments, so later amendments are not shown here. Changes made to it are listed under each provision when known.

Corporation Tax

Made 7th November 2022

Laid before the House of Commons 8th November 2022

Coming into force 31st December 2022

The Treasury, in exercise of the powers conferred by section 259N(3)(b) of the Taxation (International and Other Provisions) Act 2010f1, make the following Regulations.

Annotations to the whole text

Footnotes

f1

2010 c. 8; section 259N was inserted by paragraph 1 of Schedule 10 to the Finance Act 2016 (c. 24) and was amended by section 19(4) of the Finance Act 2019 (c. 1).

Contents

  1. 1Citation and Commencement
  2. 2Amendments to the Hybrid and Other Mismatches (Financial Instruments: Excluded Instruments) Regulations 2019
  3. 3Amendments to the Hybrid and Other Mismatches (Financial Instruments: Excluded Instruments) Regulations 2019
  4. 4Amendments to the Hybrid and Other Mismatches (Financial Instruments: Excluded Instruments) Regulations 2019
  5. 5Amendments to the Hybrid and Other Mismatches (Financial Instruments: Excluded Instruments) Regulations 2019
  6. Signature
  7. Explanatory note

1Citation and Commencement

These Regulations may be cited as the Hybrid and Other Mismatches (Financial Instruments: Excluded Instruments) (Amendment) Regulations 2022 and come into force on 31st December 2022.

2Amendments to the Hybrid and Other Mismatches (Financial Instruments: Excluded Instruments) Regulations 2019

The Hybrid and Other Mismatches (Financial Instruments: Excluded Instruments) Regulations 2019f1 are amended as follows.

3Amendments to the Hybrid and Other Mismatches (Financial Instruments: Excluded Instruments) Regulations 2019

In regulation 1(2)(a) omit “but before 1st January 2023”.

4Amendments to the Hybrid and Other Mismatches (Financial Instruments: Excluded Instruments) Regulations 2019

In regulation 1(2)(b) omit “and ends before 1st January 2023”.

5Amendments to the Hybrid and Other Mismatches (Financial Instruments: Excluded Instruments) Regulations 2019

Omit regulation 1(4).

Signature

Amanda Solloway

Nigel Huddleston

Two of the Lords Commissioners of His Majesty’s Treasury

7th November 2022

Explanatory note

(This note is not part of the Regulations)

These Regulations amend the Hybrids and Other Mismatches (Financial Instruments: Excluded Instruments) Regulations 2019 (S.I. 2019/1345) (“the 2019 Regulations”).

Regulation 1 provides for citation and commencement.

Regulations 2 to 5 amend the 2019 Regulations such that those Regulations continue to have effect in relation to any payments made on or after 1st January 2020 and quasi-payments in relation to which the payment period begins on or after 1st January 2020. These amendments provide that the exemption for certain regulatory capital instruments issued by banks will continue to apply beyond 31st December 2022.

A Tax Information and Impact Note covering this instrument will be published on the gov.uk website at https://www.gov.uk/government/collections/tax-information-and-impact-notes-tiins.