Regulation 1 Citation, commencement and effectI1

United Kingdom

(1)

These Regulations may be cited as the Hybrid and Other Mismatches (Financial Instruments: Excluded Instruments) Regulations 2019 and come into force on 1st January 2020.

(2)

These Regulations have effect in relation to—

(a)

payments^f1 made on or after 1st January 2020 F1..., and

(b)

quasi-payments^f2 in relation to which the payment period^f3 begins on or after 1st January 2020 F2....

(3)

Where a payment period begins before 1st January 2020 and ends on or after that date (“the straddling period”)—

(a)

so much of the straddling period as falls before 1st January 2020, and so much of that period as falls on or after that date, are to be treated as separate taxable periods^f4, 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.

F3(4)

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Annotations

Textual amendments

F1: Words in reg. 1(2)(a) omitted (31.12.2022) by virtue of The Hybrid and Other Mismatches (Financial Instruments: Excluded Instruments) (Amendment) Regulations 2022 (S.I. 2022/1144), regs. 1, 3
F2: Words in reg. 1(2)(b) omitted (31.12.2022) by virtue of The Hybrid and Other Mismatches (Financial Instruments: Excluded Instruments) (Amendment) Regulations 2022 (S.I. 2022/1144), regs. 1, 4
F3: Reg. 1(4) omitted (31.12.2022) by virtue of The Hybrid and Other Mismatches (Financial Instruments: Excluded Instruments) (Amendment) Regulations 2022 (S.I. 2022/1144), regs. 1, 5

Commencement

I1: Reg. 1 in force at 1.1.2020, see reg. 1(1)

Footnotes

f1: “Payment” is defined in section 259NF of the Taxation (International and Other Provisions) Act 2010.
f2: “Quasi-payment” is defined in section 259NF of the Taxation (International and Other Provisions) Act 2010.
f3: “Payment period” is defined in section 259NF of the Taxation (International and Other Provisions) Act 2010.
f4: “Taxable period” is defined in section 259NF of the Taxation (International and Other Provisions) Act 2010.