Regulation 2 Financial instruments: excluded instrumentsI1

An instrument issued to an associated enterprise is not a financial instrument within section 259N of the Taxation (International and Other Provisions) Act 2010 if it meets the conditions set out in paragraphs (i) to (iv) of point (b) of paragraph 4 of Article 9 of Council Directive (EU) 2016/1164 of 12 July 2016 laying down rules against tax avoidance practices that directly affect the functioning of the internal market^f1.

For the purposes of paragraph (1), “associated enterprise” has the meaning given in Article 2(4) of that Directive.