Draft regulations prescribing the tax treatment of regulatory capital securities have been amended to, amongst other things, exclude the hedged component of a security from the provision that, when determining the amounts to be brought into account in respect of a security, measuring (part of) the security at fair value is not treated as generally accepted accounting practice. Adjustment of the carrying value of a security that is a hedged item under a designated fair value hedge is permitted. These amendments will not apply to instruments issued by a company in an accounting period beginning before 1 January 2016. The draft regulations were first published on 16 July 2015 and will generally have effect from 1 January 2016 (for corporation tax purposes, for accounting periods beginning on or after that date).