S.L. 123.128 Art. 3Time whenincome of securitisation vehicle becomes taxable.

For the purposes of determining the total income of a securitisation vehicle or for the purpose of ascertaining the income attributable to a trust where such securitisation vehicle is constituted as a trust created by a written instrument, as the case may be, income or gains shall be deemed to arise or to have become realised during the year in which such income or gains fall to be recognised for accounting purposes. The deductions referred to in rule 4 shall be deducted in the year in which they fall to be recognised for accounting purposes.