Chapter CFM72360
Published date | 16 April 2016 |
Record Number | CFM72360 |
Court | HM Revenue & Customs |
Issuer | HM Revenue & Customs |
Regulation 3: scope
Regulation 3 sets out the scope of the regulations. The regulations apply to a ‘securitisation company’ as defined in regulations 4 to 10. These are five specified types of company in Regulations 5 to 9, each of which has to have a ‘retained profit’ (defined in Regulation 10).
Certain ‘specified’ regulations do not apply to companies that do not meet the ‘payments condition’ or have had an ‘unallowable purpose’ at any time. The specified regulations are the special corporation tax charge in Regulation 14 and the modifications to the normal corporation tax rules in Regulations 16 to 20.
So a company will only be taxed under the special rules in the securitisation regime if it:
- conforms to the definition of a securitisation company (Regulations 4 to 9)
- has a retained profit (Regulation 10)
- complies with the payments condition (Regulation 11) (CFM72510)
- does not have an unallowable purpose (Regulation 12) (CFM72570).
The consequence of failing the payments condition or unallowable purposes tests is that the company will no longer be taxed under Regulation 14, and will be taxed under normal CT rules. Once out of the regime due to failing the payments condition or having an unallowable purpose, it is permanently excluded (see Regulation 21). This is to ensure that a company does not contrive to be taxed under the securitisation rules when it has profits, but under normal CT rules when it has losses.
Exclusion from the regime will be a rare event. Compliance with the payments condition will normally be a routine matter in practice. The unallowable purposes test is there to prevent avoidance and is similar to the unallowable purposes tests found in other parts of the Taxes Acts.
‘Securitisation companies’ not taxed under these regulations
Regulations 11 and 12 disapply the special...
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