S.L. 123.128 Art. 6Amounts deemed to be income in the hands of the originator or assignor.

(1) An amount equal to -

(a) such sums payable that are referred to in rule 4(1)(a), and

(b) such further deduction, together with any amount of loss incurred in the same year or brought forward from previous years under a different contract and allowed as deduction in arriving at the total income before the said further deduction, in case where the option referred to in rule 4(2)(b) is exercised, shall be deemed to be income in the hands of the relevant originator or assignor, as the case may be, which for the purposes of the Income Tax Acts, shall be characterised as income falling under the provisions of article 4(1)(a) of the Act.

(2) (a) In the case of income referred to in rule 4(1)(a), it shall be deemed that such income has arisen during the year in which any relevant securitisation asset was transferred or the relevant risk was assumed.

(b) In the case where the option referred to in rule 4(2)(b) was exercised, it shall be deemed that the relevant income has arisen during the same year that the deduction was claimed.

(3) The income in the hands of the originator or assignor referred to in this rule shall be considered to arise in Malta except where the control and management of the business of the said originator or assignor is not exercised in Malta.