On 12 October 2017 updated draft regulations (along with an explanatory statement) were published which will establish a new tax and regulatory framework for special purpose companies which will issue capital market securities the return on which will be linked to insurance risks held by the company.  The tax provisions will mean that the issuing company will be exempt from corporation tax and the payments on the securities will be exempt from withholding tax.

The regulations state that they will come into force three days after they are passed by Parliament.