The Stamp Duty Reserve Tax (Amendment) Regulations 1997

Amendments to the principal Regulations (other than the Schedule)

3.  In regulation 2—

(a) for the definition of “accountable date” there shall be substituted the following definition—

• ““accountable date” means—

  (a)

  in relation to a relevant transaction—

  (i)

  in connection with which securities are transferred by means of a relevant system operated by the operator of that system, or

  (ii)

  which is reported by means of a relevant system to a recognised self-regulating organisation, a recognised professional body or an exchange by the operator of that system in a case where the securities to which the transaction relates are not transferred by means of a relevant system, or

  (iii)

  which is reported, otherwise than by means of a relevant system, to an exchange, in a case where the securities to which the transaction relates are not transferred by means of a relevant system,

  the date agreed between the Board and the operator or, if no such date is agreed, the date which is the fourteenth day following the date of the relevant transaction,

  (b)

  in relation to interest on overdue tax arising in connection with a relevant transaction which, by virtue of a party to that transaction being a participant in a relevant system, or a member of an exchange, could have been, but was not, reported to a recognised self-regulating organisation, a recognised professional body or an exchange by means of that system, or to an exchange otherwise than by means of a relevant system, the date which is the fourteenth day following the date of the relevant transaction, and

  (c)

  in relation to a relevant transaction to which neither paragraph (a) nor paragraph (b) applies, the date which is the seventh day of the month following the month in which the charge to tax occasioned by the relevant transaction is incurred;”;

(b) for sub-paragraphs (i) and (ii) of paragraph (a) of the definition of “accountable person”(1) there shall be substituted the following sub-paragraphs—

“(i) if the person mentioned as B in section 87(1) is a member of an exchange, or if a member of an exchange is acting as an agent for B who is not such a member, that member, and failing that

(ii) if the person mentioned as A in section 87(1) is a member of an exchange, or if a member of an exchange is acting as an agent for A who is not such a member, that member, and failing that”;

(c) after the definition of “barrister” there shall be inserted the following definitions—

““the Board” means the Commissioners of Inland Revenue;

“EEA regulated market” means a market of a kind described in paragraphs (a) and (b) of article 2 of the Financial Services Act 1986 (EEA Regulated Markets) (Exemption) Order 1995(2);

“exchange” means—

(a)

a recognised investment exchange within the meaning given by section 207(1) of the Financial Services Act 1986(3), or

(b)

an EEA regulated market;”;

(d) the definitions of “broker and dealer” and “market maker” shall be omitted;

(e) after the definition of “notice” there shall be inserted the following definition—

• ““operator” means—

  (a)

  a person approved by the Treasury under the Treasury Regulations as Operator of a relevant system;

  (b)

  subject to paragraph (c), where a relevant transaction is reported to an exchange otherwise than by means of a relevant system, the operator of that exchange or, if there is no such operator, that exchange;

  (c)

  where a relevant transaction is reported to more than one exchange otherwise than by means of a relevant system, the operator of the exchange of which the party who is the accountable person in relation to that transaction is a member or, if there is no such operator, that exchange;”;

(f) in the definition of “qualified dealer”(4)—

(i) for the words “market maker or broker and dealer” there shall be substituted the words “member of an exchange”;

(ii) for paragraph (c) there shall be substituted—

“(c) is authorised under a legislative provision of the government of a territory outside the United Kingdom to carry on investment business, or

(d) while not required to be authorised to do so, carries on investment business;”;

(g) after the definition of “qualified dealer” there shall be inserted the following definitions—

• ““recognised professional body” and “recognised self-regulating organisation” have the meanings given by section 207(1) of the Financial Services Act 1986;

• “relevant system” has the meaning given by regulation 2(1) of the Treasury Regulations;”;

(h) after the definition of “tax” there shall be added the following definition—

““the Treasury Regulations” means the Uncertificated Securities Regulations 1995(5).”

(1)

Amended by S.I. 1988/835.

(2)

S.I. 1995/3273.

(3)

1986 c. 60.

(4)

Substituted by S.I. 1988/835.

(5)

S.I. 1995/3272.