HMRC briefly published a policy paper on 21 September, confirming the intention to issue new regulations to ensure continuation of the existing exemption from counteraction under the hybrid and other mismatch rules for certain hybrid capital and debt instruments issued by banks from 1 January 2023 (when it had originally been set to expire).
The policy paper was taken down from HMRC’s pages on gov.uk shortly after. HMRC has confirmed that the paper had been published prematurely. The regulations are in the process of being rescheduled and are expected to be laid before Parliament in time to come into effect by 1 January 2023.
A draft version of the regulations was subject to consultation from 19 May to 30 June 2022.
HMRC briefly published a policy paper on 21 September, confirming the intention to issue new regulations to ensure continuation of the existing exemption from counteraction under the hybrid and other mismatch rules for certain hybrid capital and debt instruments issued by banks from 1 January 2023 (when it had originally been set to expire).
The policy paper was taken down from HMRC’s pages on gov.uk shortly after. HMRC has confirmed that the paper had been published prematurely. The regulations are in the process of being rescheduled and are expected to be laid before Parliament in time to come into effect by 1 January 2023.
A draft version of the regulations was subject to consultation from 19 May to 30 June 2022.
