On 16 July 2015, HM Revenue & Customs in the UK published draft regulations regarding the treatment of regulatory capital securities for tax purposes.  Amongst other matters, the Taxation of Regulatory Capital Securities (Amendment) Regulations 2015 propose amendments to existing UK legislation to cater for Tier 1 compliant instruments for the purpose of Solvency II. Comments are invited until 9 September 2015.  The Regulations are drafted to take effect from 1 January 2016.