A new, non-sector specific, hybrid capital instrument regime will apply in place of the regulatory capital securities regime from 1 January 2019. The Court of Appeal finds in GDF Suez Teesside that the (now repealed) ‘fairly represents’ requirement in the loan relationship rules is a separate and overriding provision. The UK’s categorisation of a hire purchase transaction as a taxable supply of a car and exempt supplies of credit is confirmed as correct by the CJEU in Volkswagen Financial Services. The legislative change to combat ‘offshore looping’ will be targeted more tightly on the known avoidance concerning insurance intermediary supplies where the principal supply is made to consumers located within the UK.
