EXPLANATORY NOTE
(This note is not part of the Regulations)
These Regulations amend the Hybrids and Other Mismatches (Financial Instruments: Excluded Instruments) Regulations 2019 (S.I. 2019/1345) (“the 2019 Regulations”).
Regulation 1 provides for citation and commencement.
Regulations 2 to 5 amend the 2019 Regulations such that those Regulations continue to have effect in relation to any payments made on or after 1st January 2020 and quasi-payments in relation to which the payment period begins on or after 1st January 2020. These amendments provide that the exemption for certain regulatory capital instruments issued by banks will continue to apply beyond 31st December 2022.
A Tax Information and Impact Note covering this instrument will be published on the gov.uk website at https://www.gov.uk/government/collections/tax-information-and-impact-notes-tiins.