Introduction Overview Overview
1951.This Chapter deals with securitisation companies. It is based on section 84 of FA 2005.
1952.Section 84 of FA 2005 consisted primarily of a Treasury power to determine how the Corporation Tax Acts were to apply to securitisation companies. It also contained a Treasury power to refine, for the purposes of those regulations, the basic section 84 definition of a securitisation company .
1953.The rewritten sections separate the two regulation making powers. The power to refine the definition of a securitisation company is in subsection (2)(b) of section 623. The power to make regulations governing the taxation of securitisation companies comprises the whole of section 624.
1954.Section 83 of FA 2005 also deals with securitisation companies although the definition of “securitisation companies” for the purposes of section 83 is not the same as that for section 84. Section 83 governs the application of accounting standards to certain securitisation companies for periods of account beginning on or after 1January2005 and ending before 1January 2008. That period has,however, now been extended, (in accordance with the power in subsection (7A)) by the Securitisation Companies (Application of section 83(1) of the Finance Act 2005: Accounting Standards) Regulations 2007(SI 2007/3338), to 1 January 2017 in a limited number of cases. As section 83 has a finite life and a limited application it is not rewritten.