SI explanatory text
These Regulations amend various provisions in primary legislation to take into account the new regulatory framework for banking companies.
Value Added Tax (Miscellaneous and Transitional Provisions, Amendment and Revocation) (EU Exit) Regulations 2020
SI explanatory text
These Regulations make appropriate provision relating to value added tax in consequence of, or otherwise in connection with, the withdrawal of the United Kingdom from the EU, including such provision as might be made by Act of Parliament. They include appropriate saving and transitional provision in consequence of, and in connection with the coming into force of, the Taxation (Cross-border Trade) Act 2018 (c. 22) (“TCTA 2018”).
Bank Levy (Loss Absorbing Instruments) Regulations 2020
SI explanatory text
These Regulations provide for the circumstances in which loss absorbing instruments issued by overseas subsidiaries of UK resident entities can be deducted from equities and liabilities otherwise chargeable to the bank levy.
SI explanatory text
These Regulations amend Schedule 25 to the Finance Act 2011 and the MARD Regulations 2011, which implement Council Directive 2010/24/EU concerning mutual assistance for the recovery of claims relating to taxes, duties and other measures (“MARD”). The amendments are made to ensure that UK implementing legislation continues to give effect to MARD following IP completion day, so far as MARD is made applicable after IP completion day between member States and the United Kingdom by virtue of Article 100 of the withdrawal agreement, and so far as MARD applies after IP completion day to and in the United Kingdom in respect of Northern Ireland by virtue of Articles 5(4) and 8 of the Protocol on Ireland/Northern Ireland in the withdrawal agreement.