83 Application of accounting standards to securitisation companies
Finance Act 2005 (2005 c 7) | Legislation

83  Application of accounting standards to securitisation companies

(1)     For the purposes of the Corporation Tax Acts as they apply to a securitisation company in relation to a period of account—

(a)     beginning on or after 1st January 2005, and

(b)     [(subject to subsection (7A)(a))] ending before [1st January 2008],

generally accepted accounting practice shall be taken to be UK generally accepted accounting practice as it applied for a period of account ending on 31st December 2004.

(2)     For the purposes of this section a “securitisation company” means a company that is—

(a)     a note-issuing company,

(b)     an asset-holding company,

(c)     an intermediate borrowing company,

(d)     a warehouse company, or

(e)     a commercial paper funded company,

as defined below.

(3)     A “note-issuing company” means a company in relation to which the following conditions are met—

(a)     it is party as debtor to a capital market investment,

(b)     the securities that represent the capital market investment are issued wholly or mainly to independent persons,

(c)     the capital market investment is part of a capital market arrangement, . . .

(d)     the total value of the capital market investments made under that capital market arrangement is at least £50 million[,

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