[F180B Intermediaries: supplementary.U.K.
(1)For the purposes of section 80A above the question whether a person is connected with another shall be determined in accordance with the provisions of [F2section 1122 of the Corporation Tax Act 2010].
F3(2)In section 80A above and this section—
“collective investment scheme” has the meaning given in section 75 of the M1Financial Services Act 1986;
[F4“the Directive” means Directive 2004/39/EC of the European Parliament and of the Council of 21 April 2004 on markets in financial instruments, as amended from time to time;]
F5...
“EEA State” [F6, in relation to any time, means a State which at that time is a member State or any other State which at that time] is a contracting party to the agreement on the European Economic Area signed at Oporto on the 2nd May 1992 as adjusted by the Protocol signed at Brussels on the 17th March 1993 [F7(as modified or supplemented from time to time)];
“insurance business” means long term business or general business as defined in section 1 of the M2Insurance Companies Act 1982;
“quoted or listed options” means options which are quoted on or listed by an EEA exchange or a recognised foreign options exchange;
“stock” includes any marketable security;
“trustee” and “the operator” shall, in relation to a collective investment scheme, be construed in accordance with section 75(8) of the Financial Services Act 1986.
[F8(2A)Each of the following expressions—
“multilateral trading facility”, and
“regulated market”,
has the same meaning in section 80A above as it has for the purposes of the Directive.]
(3)In section 80A above “recognised foreign exchange” means a market which—
(a)is not in an EEA State; and
(b)is specified in regulations made by the Treasury under this subsection.
(4)In section 80A above and this section “recognised foreign options exchange” means a market which—
(a)is not in an EEA State; and
(b)is specified in regulations made by the Treasury under this subsection.
(5)In section 80A above “the exercise of a relevant option” means—
(a)the exercise by the options intermediary concerned of an option to buy stock; or
(b)the exercise of an option binding the options intermediary concerned to buy stock.
[F9(5A)The Treasury may by regulations amend section 80A above and this section (as they have effect for the time being) in order to extend the exemption from duty under that section.]
(6)The Treasury may by regulations provide that section 80A above shall not have effect in relation to instruments executed in pursuance of kinds of agreement specified in the regulations.
(7)The Treasury may by regulations provide that if—
(a)an instrument falls within [F10any of subsections (1) to (2C)] of section 80A above, and
(b)stamp duty would be chargeable on the instrument apart from that section,
stamp duty shall be chargeable on the instrument at a rate, specified in the regulations, which shall not exceed 10p for every £100 or part of £100 of the consideration for the sale.
(8)The Treasury may by regulations change the meaning of “intermediary” or “options intermediary” for the purposes of section 80A above by amending subsection (4) or (5) of that section (as it has effect for the time being).
(9)The power to make regulations under subsections (3) to (8) above shall be exercisable by statutory instrument subject to annulment in pursuance of a resolution of the House of Commons.]
Textual Amendments
F1S. 80B inserted (20.10.1997) by 1997 c. 16, s. 97(1)(4); S.I. 1997/2428, art. 2
F2Words in s. 80B(1) substituted (with effect in accordance with s. 1184(1) of the amending Act) by Corporation Tax Act 2010 (c. 4), s. 1184(1), Sch. 1 para. 197 (with Sch. 2)
F3Words in s. 80B(2) substituted (1.4.2007 for specified purposes, 1.11.2007 in so far as not already in force) by The Financial Services and Markets Act 2000 (Markets in Financial Instruments) Regulations 2007 (S.I. 2007/126), reg. 1(2), Sch. 6 para. 8(2)
F4Words in s. 80B(2) inserted (19.7.2007) by Finance Act 2007 (c. 11), Sch. 21 para. 2(2)(a)
F5Words in s. 80B(2) repealed (with effect in accordance with Sch. 21 para. 2(6) of the amending Act) by Finance Act 2007 (c. 11), Sch. 21 para. 2(2)(b), Sch. 27 Pt. 4(2)
F6Words in s. 80B(2) substituted (19.7.2007) by Finance Act 2007 (c. 11), Sch. 21 para. 2(2)(c)
F7Words in s. 80B(2) inserted (19.7.2007) by Finance Act 2007 (c. 11), Sch. 21 para. 2(2)(c)
F8S. 80B(2A) inserted (with effect in accordance with Sch. 21 para. 2(6) of the amending Act) by Finance Act 2007 (c. 11), Sch. 21 para. 2(3)
F9S. 80B(5A) inserted (with effect in accordance with Sch. 21 para. 2(6) of the amending Act) by Finance Act 2007 (c. 11), Sch. 21 para. 2(4)
F10Words in s. 80B(7) substituted (with effect in accordance with Sch. 21 para. 2(6) of the amending Act) by Finance Act 2007 (c. 11), Sch. 21 para. 2(5)
Marginal Citations