Finance Act 2018
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Change 1
34 Debt traded on a multilateral trading facility
(1) In section 987 of ITA 2007 (meaning of “quoted Eurobond”)— (a) the current text becomes subsection (1); (b) in paragraph (b) of that subsection, after “exchange” insert “ or admitted to trading on a multilateral trading facility operated by an EEA-regulated recognised stock exchange ”; (c) after that subsection insert— (2) For the purposes of this section— (a) a recognised stock exchange is an “EEA-regulated recognised stock exchange” if it is regulated in the European Economic Area, and (b) “multilateral trading facility” has the same meaning as in Article 4.1.22 of Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments. (2) In each of section 151N of TCGA 1992, section 564G of ITA 2007 and section 507 of CTA 2009 (investment bond arrangements)— (a) in subsection (1)(h), after “exchange” insert “ or admitted to trading on a multilateral trading facility operated by an EEA-regulated recognised stock exchange ”; (b) in subsection (2)— (i) omit the “and” at the end of paragraph (h); (ii) after paragraph (i) insert— (j) a recognised stock exchange is an “EEA-regulated recognised stock exchange” if it is regulated in the European Economic Area, and (k) “multilateral trading facility” has the same meaning as in Article 4.1.22 of Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments. (3) The amendments made by subsection (1) have effect in relation to payments made on or after 1 April 2018. (4) The amendments made by subsection (2) have effect— (a) for corporation tax purposes, in relation to accounting periods beginning on or after 1 April 2018; (b) for income tax and capital gains tax purposes, for the tax year 2018-19 and subsequent tax years.
34 Debt traded on a multilateral trading facility
(1) In section 987 of ITA 2007 (meaning of “quoted Eurobond”)— (a) the current text becomes subsection (1); (b) in paragraph (b) of that subsection, after “exchange” insert “ or admitted to trading on a multilateral trading facility operated by an EEA-regulated recognised stock exchange ”; (c) after that subsection insert— (2) For the purposes of this section— (a) a recognised stock exchange is an “EEA-regulated recognised stock exchange” if it is regulated in the European Economic Area, and (b) “multilateral trading facility” has the same meaning as in Article 4.1.22 of Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments. (2) In each of section 151N of TCGA 1992, section 564G of ITA 2007 and section 507 of CTA 2009 (investment bond arrangements)— (a) in subsection (1)(h), after “exchange” insert “ or admitted to trading on a multilateral trading facility operated by an EEA-regulated recognised stock exchange ”; (b) in subsection (2)— (i) omit the “and” at the end of paragraph (h); (ii) after paragraph (i) insert— (j) a recognised stock exchange is an “EEA-regulated recognised stock exchange” if it is regulated in the European Economic Area, and (k) “multilateral trading facility” has the same meaning as in Article 4.1.22 of Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments. (3) The amendments made by subsection (1) have effect in relation to payments made on or after 1 April 2018. (4) The amendments made by subsection (2) have effect— (a) for corporation tax purposes, in relation to accounting periods beginning on or after 1 April 2018; (b) for income tax and capital gains tax purposes, for the tax year 2018-19 and subsequent tax years.
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