Section 624 | Power to make regulations about the taxation of securitisation companies

(1)The Treasury may by regulations make provision about the application of the Taxes Acts in relation to a securitisation company.^F1

(2)The regulations may, in particular, provide for the application, modification or non-application of any of the provisions of the Taxes Acts .^F2

(3)The regulations may, in particular, provide—

(a)that the amount of profits of any specified description (before any such adjustments as are mentioned in subsection (4)) is to be taken to be such amount, or is to be calculated on such basis, as may be specified, and

(b)that the amount determined in accordance with regulations under paragraph (a) is to be brought into account for corporation tax purposes instead of any specified amount that would otherwise fall to be brought into account.

(4)The regulations may, in particular, provide for specified adjustments to be made to the amount to be brought into account for corporation tax purposes.

(5)The regulations may, in particular, provide—

(a)that the regulations apply to a company only if an election that they are to apply is made, or

(b)that the regulations do not apply to a company if an election that they are not to apply is made.

(6)The regulations may, in particular, provide that once subject to the regulations a company is to continue to be subject to them for all subsequent periods of account.

(7)The regulations may, in particular, impose conditions that must be met if a company is to have, or continue to have, the benefit of the regulations.

(8)The regulations may, in particular, provide for the consequences of failing to meet any specified condition (which may include recalculating the company's profits for previous periods on the basis that the regulations did not apply).

(9)In this section "the Taxes Acts” has the meaning given by section 118(1) of TMA 1970, and “specified” means specified in the regulations.^F3