Explanatory note

These Regulations amend the Taxation of Securitisation Companies Regulations 2006 (“the TSCR”).

Regulation 1 provides for citation, commencement and effect. The Regulations have force from 17 May 2022 but do not apply to a company in relation to a capital market arrangement entered into by it before that date, any capital market investment that is part of such an arrangement or any securities which represent such a capital market investment.

Regulation 3 amends regulation 2 of the TSCR by amending the definition of “control” for the purposes of determining whether persons are independent persons.

Regulation 4 amends regulation 5 of the TSCR so as to reduce the minimum total value of the capital market investments made under a capital market arrangement from £10 million to £5 million.

A Tax Information and Impact Note covering this instrument was published on 30 November 2021 alongside the consultation draft of these Regulations and is available on the website at https://www.gov.uk/government/publications/securitisation-and-insurance-linked-securities-arrangements-allowing-them-to-operate-more-effectively/the-taxation-of-securitisation-companies-amendment-regulations-2022. It remains an accurate summary of the impacts that apply to this instrument.