Part IVSTAMP DUTY AND STAMP DUTY RESERVE TAX
116 Investment exchanges and clearing houses: stamp duty.
1
The Treasury may make regulations providing as mentioned in this section with regard to any circumstances which—
a
would (apart from the regulations) give rise to a charge to stamp duty,
b
involve a prescribed recognised investment exchange or a prescribed recognised clearing house, or a member or nominee (or member or nominee of a prescribed description) of such an exchange F1or clearing house, or a nominee (or nominee of a prescribed description) of a member of such an exchange or clearing house, and
c
are such as are prescribed.
2
The regulations may provide that the charge to stamp duty shall be treated as not arising or (depending on the terms of the regulations) as reduced.
3
Regulations under this section—
a
shall be made by statutory instrument subject to annulment in pursuance of a resolution of the House of Commons;
b
may include such supplementary, incidental, consequential or transitional provisions as appear to the Treasury to be necessary or expedient;
c
may make different provision for different circumstances;
d
may make any provision in such way as the Treasury think fit (whether by amending enactments or otherwise).
4
In this section—
a
“prescribed means prescribed by the regulations,
b
“recognised investment exchange means a recognised investment exchange within the meaning of the M1Financial Services Act 1986, and
c
“recognised clearing house means a recognised clearing house within the meaning of that Act.