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HM Revenue and Customs (HMRC) has published a draft of the Taxation of Regulatory Capital Securities Regulations 2013. The Regulations set out provisions in relation to the taxation of Additional Tier 1 and Tier 2 regulatory capital securities that financial institutions need to issue to meet their regulatory requirements. The Regulations are intended to ensure that these securities are taxed as loan relationships and the coupons are taxed as interest.
Comments are due by 15 September 2013.
Related Link:
http://www.hmrc.gov.uk/drafts/130716-regcap-technote-final.pdf
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