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Getting Things Right?

Anthony Davis tax partner in Gide Loyrette Nouel's London office takes a look at the new regulations and HMRC guidance on the taxation of securitisation companies
December 5 2006 was a slightly historic day. The Fourth Delegated Legislation Committee of the House of Commons approved draft regulations on the UK tax treatment of securitisation companies. The rules are a significant achievement being one outcome (not it is hoped the last) of some three years of consultations and discussions carried on in an exceptionally sensible and constructive way with a view to preserving an important financing technique from the damage threatened by changes to accounting rules. As Ed Balls the Economic Secretary to the Treasury emphasised in the Committee's short debate the Government took its time to 'get...

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