This measure changes the requirements on debt issued on a multilateral trading facility (MTF) operated by an EEA-regulated stock exchange.
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This measure removes the requirement to withhold tax on interest for debt issued on a MTF operated by an EEA-regulated stock exchange by extending an existing exemption.
The measure also widens the definition of alternative finance investment bonds (AFIB) - these are Shari’a-compliant financial instruments also known as ‘sukuk’ - to include securities admitted to trading on such an MTF. Under tax rules, such issues are treated as debt, and the return on them as interest for certain tax purposes.