The Financial Services and Markets Act 2000 (Consequential Amendments) (Taxes) Order 2001

Stamp duty reserve tax: intermediaries

9.—(1) Amend section 88B(2) (provisions supplementary to section 88A)(1) as follows.

(2) In the definition of “collective investment scheme” for “75 of the Financial Services Act 1986” substitute “235 of the Financial Services and Markets Act 2000”.

(3) For the definition of “insurance business” substitute—

““insurance business” means business which consists of the effecting or carrying out of contracts of insurance and, for the purposes of this definition, “contract of insurance” has the meaning given by Article 3(1) of the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001;

“the operator”, in relation to a collective investment scheme, shall be construed in accordance with section 237(2) of the Financial Services and Markets Act 2000;”.

(4) For the definition of “trustee” and “the operator” substitute—

• ““trustee”, in relation to a collective investment scheme, means a trustee or a depositary within the meaning given in section 237(2) of the Financial Services and Markets Act 2000.”.

(5) This Article has effect in relation to—

(a) an agreement to transfer chargeable securities which is not conditional, if the agreement is made on or after 1st December 2001;

(b) a conditional agreement to transfer such securities, if the condition is satisfied on or after that date.

(1)

Section 88B was inserted, together with section 88A, by section 102(1) of the Finance Act 1997.