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.