The Securitisation Companies (Application of Section 83(1) of the Finance Act 2005: Accounting Standards) (Amendment) Regulations, SI 2016/1182, extend for a further 20 years the interim regime which allows securitisation companies to continue basing their corporation tax computations on old UK GAAP, instead of international accounting standards. The regulations also allow companies to elect out of this extension. The regulations come into force on 28 December 2016. The current interim regime is due to expire on 31 December 2016. HMRC consulted during October and November 2016 on a draft version of the regulations.
The Securitisation Companies (Application of Section 83(1) of the Finance Act 2005: Accounting Standards) (Amendment) Regulations, SI 2016/1182, extend for a further 20 years the interim regime which allows securitisation companies to continue basing their corporation tax computations on old UK GAAP, instead of international accounting standards. The regulations also allow companies to elect out of this extension. The regulations come into force on 28 December 2016. The current interim regime is due to expire on 31 December 2016. HMRC consulted during October and November 2016 on a draft version of the regulations.
