(1)Section 83 of FA 2005 (continued application of old UK GAAP to securitisation companies during transitional period) is amended as follows.
(2)In subsection (1)(b) (old UK GAAP to apply to periods of account ending before 1st January 2008), insert at the beginning “ (subject to subsection (7A)(a)) ”.
(3)After subsection (7) insert—
“(7A)The Treasury may by regulations—
(a)make provision for subsection (1) to apply in relation to periods of account ending on or after 1st January 2008 but before a date specified by the regulations, and
(b)make provision modifying any provision of, or made under, the Corporation Tax Acts in relation to the first period of account of securitisation companies in the case of which subsection (1) does not apply (whether by virtue of that subsection itself or regulations under paragraph (a)).
(7B)Regulations under subsection (7A)(a) may, in particular—
(a)specify a date only in relation to specified descriptions of company,
(b)specify different dates in relation to different descriptions of company, and
(c)include provision for a company to elect that the regulations are to apply to it or provision for a company to elect that they are not to apply to it.”
(4)Section 84 of FA 2005 (power to make provision as to application of Corporation Tax Acts in relation to securitisation companies) is amended as follows.
(5)In subsection (3)(d), for “to that effect is made,” substitute “ that they are to apply is made or that the regulations do not apply to a company if an election that they are not to apply is made, ”.
(6)For subsection (5) substitute—
“(5)The regulations—
(a)may make incidental, supplementary, consequential or transitional provision or savings (including provision amending any provision of, or made under, the Taxes Acts (within the meaning of section 118(1) of TMA 1970)), and
(b)may include provision having effect (in the case of provision relating to corporation tax) from the beginning of periods of account current when the regulations are made or (in the case of provision relating to income tax or capital gains tax) in relation to times before the regulations are made.”