Application of section 83(1) of the Finance Act 2005: accounting standards

2.—(1) This regulation applies where—

(a) subsection (1) of section 83 of the Finance Act 2005 (application of accounting standards to securitisation companies)(1) applies to a company in relation to a period of account ending before 1st January 2008, and

(b) the company—

(i) became party to a capital market arrangement referred to in subsection (3)(c)(2) of that section or a related transaction before 1st January 2008 and continues to be party to that arrangement or transaction, or

(ii) is a warehouse company where any of the financial assets referred to in subsection (6) of that section were acquired before 1st January 2008.

(2) Subsection (1) of section 83 of the Finance Act 2005 shall apply in relation to periods of account ending on or after 1st January 2008 but before 1st January 2017.

This is subject to paragraph (3).

(3) Paragraph (2) shall not apply to a company that elects that the paragraph shall not apply to it.

(4) An election under paragraph (3)—

(a) must be made in writing to Her Majesty’s Revenue and Customs,

(b) must be made before the end of the first accounting period ending on or after 1st January 2008, and

(c) is irrevocable.

(1)

Section 83(1) was amended by section 101(1) and (6) and section 178 of the Finance Act 2006 (c. 25).

(2)

Section 83(3)(c) was amended by Part 3(19) of Schedule 26 to the Finance Act 2006.