in a case where the agreement is conditional, the day on which the condition is satisfied, and

in any other case, the day on which the agreement is made.

section 127(1) of the Finance Act 1976 M2 (transfer to stock exchange nominee), or

section 84(2) or (3) above,

is exempt from stamp duty under that heading by virtue of exemption 3 in that heading, or

would be so exempt if it were otherwise chargeable under that heading.

in subsection (2) F22 the words 'the expiry of the period of two months beginning with' and the words from “unless” to the end;

subsections (4), (5) and (8).

B is a member of an EEA exchange, or a recognised foreign exchange, on which securities of that kind are regularly traded;

B is an intermediary and is recognised as an intermediary by the exchange in accordance with arrangements approved by the Board; and

the agreement is effected on the exchange.

B is a member of an EEA exchange or a recognised foreign options exchange;

options to buy or sell securities of that kind are regularly traded on that exchange and are listed by or quoted on that exchange;

B is an options intermediary and is recognised as an options intermediary by that exchange in accordance with arrangements approved by the Board; and

the agreement is effected on an EEA exchange, or a recognised foreign exchange, on which securities of that kind are regularly traded or subsection (3) below applies.

the agreement is effected on an EEA exchange, or a recognised foreign options exchange, pursuant to the exercise of a relevant option; and

options to buy or sell securities of the kind concerned are regularly traded on that exchange and are listed by or quoted on that exchange.

an intermediary is a person who carries on a bona fide business of dealing in chargeable securities and does not carry on an excluded business; and

an options intermediary is a person who carries on a bona fide business of dealing in quoted or listed options to buy or sell chargeable securities and does not carry on an excluded business.

any business which consists wholly or mainly in the making or managing of investments;

any business which consists wholly or mainly in, or is carried on wholly or mainly for the purpose of, providing services to persons who are connected with the person carrying on the business;

any business which consists in insurance business;

any business which consists in managing or acting as trustee in relation to a pension scheme or which is carried on by the manager or trustee of such a scheme in connection with or for the purposes of the scheme;

any business which consists in operating or acting as trustee in relation to a collective investment scheme or is carried on by the operator or trustee of such a scheme in connection with or for the purposes of the scheme.

it is subject to the rules of the exchange; and

it is reported to the exchange in accordance with the rules of the exchange.

the exercise by B of an option to buy securities; or

the exercise of an option binding B to buy securities.

an agreement falls within subsection (1) or (2) of section 88A above, and

section 87 above would, apart from section 88A, apply to the agreement,

“quoted options” means options quoted on The Stock Exchange, and

“related quoted options” means quoted options to buy or sell securities of the kind transferred.

the agreement is made by B as principal in the ordinary course of his business as a broker and dealer in relation to securities of the kind concerned, and

before the end of the period of 7 days beginning with the day on which the agreement is made or (in a case where the agreement is conditional) the day on which the condition is satisfied, B enters into an unconditional agreement to sell the securities to another person.

securities of the same kind acquired in the period of 7 days ending with the day of the sale (and not taken for the purposes of a previous sale by B) shall be taken before securities of that kind acquired outside that period;

securities of that kind acquired earlier in that period (and not taken for the purposes of a previous sale by B) shall be taken before securities of that kind acquired later in that period.

securities are acquired when B enters into an agreement for them to be transferred to B or his nominee or (in a case where the agreement is conditional) when the condition is satisfied;

B sells securities when he enters into an unconditional agreement to sell them to another person.

the agreement is part of an arrangement, entered into by B in the ordinary course of B's business as an issuing house, under which B (as principal) is to offer the securities for sale to the public,

the agreement is conditional upon the admission of the securities to the Offical List of The Stock Exchange,

the consideration under the agreement for each security is the same as the price at which B is to offer the security for sale, and

B sells the securities in accordance with the arrangement referred to in paragraph (a) above.

the agreement is made in pursuance of an offer to the public made by A (as principal) under an arrangement entered into in the ordinary course of A's business as an issuing house,

a right of allotment in respect of, or to subscribe for, the securities has been acquired by A under an agreement which is part of the arrangement,

both those agreements are conditional upon the admission of the securities to the Offical List of The Stock Exchange, and

the consideration for each security is the same under both agreements;

the agreement is made in pursuance of an offer to the public made by A,

the agreement is conditional upon the admission of the securities to the Offical List of The Stock Exchange, and

under the agreement A issues to B or his nominee a renounceable letter of acceptance, or similar instrument, in respect of the securities.

Q is to transfer chargeable securities of a particular kind to P or his nominee, and

chargeable securities of the same kind and amount are to be transferred by P or his nominee to Q or his nominee,

that the agreement is effected on an EEA exchange or a recognised foreign exchange;

that securities of the kind concerned are regularly traded on that exchange; and

that chargeable securities are transferred to P or his nominee and Q or his nominee in pursuance of the arrangement.

the arrangement is not such as would be entered into by persons dealing with each other at arm’s length; or

under the arrangement any of the benefits or risks arising from fluctuations, before the transfer to Q or his nominee takes place, in the market value of the chargeable securities accrues to, or falls on, P.

it is subject to the rules of the exchange; and

it is reported to the exchange in accordance with the rules of the exchange.

to change the conditions for exemption from tax under this section; or

to provide that this section does not apply in relation to kinds of arrangement specified in the regulations.

another person (Q) is to transfer chargeable securities to P or his nominee, and

in return, chargeable securities of the same kind and amount are to be transferred (whether or not by P or his nominee) to Q or his nominee,

an amount of chargeable securities of some other kind is to be transferred by P or his nominee to Q or his nominee by way of security for the performance of the obligation described in paragraph (b) of that subsection, and

on performance of that obligation, the securities mentioned in paragraph (a) above, or chargeable securities of the same kind and amount as those securities, are to be transferred to P or his nominee,

another person (R) is to transfer chargeable securities to Q or his nominee, and

in return, chargeable securities of the same kind and amount are to be transferred (whether or not by Q or his nominee) to R or his nominee,

an amount of chargeable securities of some other kind is to be transferred by Q or his nominee to R or his nominee by way of security for the performance of the obligation described in paragraph (b) of that subsection, and

on performance of that obligation, the securities mentioned in paragraph (a) above, or chargeable securities of the same kind and amount as those securities, are to be transferred to Q or his nominee,

holds himself out at all normal times in compliance with the rules of The Stock Exchange as willing to buy and sell chargeable securities of that kind at a price specified by him, and

is recognised as doing so by The Stock Exchange.

all the trustees under the scheme are resident outside the United Kingdom, and

the unit is not registered in a register kept in the United Kingdom by or on behalf of the trustees under the scheme.

an overseas bearer instrument, within the meaning of the heading “Bearer Instrument” in Schedule 1 to the Stamp Act 1891 F24;

an inland bearer instrument, within the meaning of that heading, which does not fall within exemption 3 in that heading (renounceable letter of allotment etc. where rights are renounceable not later than six months after issue).

as nominee or agent for a person whose business is or includes the provision of clearance services for the purchase and sale of shares, stock or other marketable securities, and

for the purpose of such part of the business mentioned in paragraph (a) above as consists of the provision of such clearance services (in a case where the business does not consist exclusively of that); and in this subsection, 'marketable securities' shall be construed in accordance with section 122(1) of the Stamp Act 1891 M4.

a body of persons established for charitable purposes only, or

the trustees of a trust so established, or

the Trustees of the National Heritage Memorial Fund, or

the Historic Buildings and Monuments Commission for England.

a person falling within subsection (2) below has issued or is to issue a depositary receipt for chargeable securities, and

chargeable securities of the same kind and amount are transferred or issued to a person falling within subsection (3) below, or are appropriated by such a person towards the eventual satisfaction of the entitlement of the receipt's holder to receive chargeable securities.

in a case where the securities are issued, their price when issued;

in a case where the securities are transferred for consideration in money or money's worth, the amount or value of the consideration;

in any other case, the value of the securities.

the transfer is effected by an instrument on which stamp duty under the heading “Conveyance or Transfer of any kind not hereinbefore described” in Schedule 1 to the Stamp Act 1891 F25 is chargeable,

at the time of the transfer the transferor is a qualified dealer in securities of the kind concerned or a nominee of such a qualified dealer,

the transfer is made for the purposes of the dealer's business,

at the time of the transfer the dealer is not a market maker in securities of the kind concerned, and

the instrument contains a statement that paragraphs (b) to (d) above are fulfilled,

securities are issued, or securities sold are transferred, and (in either case) they are to be paid for in instalments,

the person to whom they are issued or transferred holds them and transfers them to another person when the last instalment is paid,

subsection (4)(c) above applies in the case of the transfer to the other person,

before the making of the transfer to the other person an instrument is received by a person falling within subsection (3) above,

the instrument so received evidences all the rights which (by virtue of the terms under which the securities are issued or sold as mentioned in paragraph (a) above) subsist in respect of them at the time of the receipt, and

the transfer to the other person is effected by an instrument containing a statement that paragraphs (a), (b) and (e) above are fulfilled,

if the amount of the duty is less than the amount of tax found by virtue of subsections (4) to (6) above, the tax charged under this section shall be the amount so found less the amount of the duty;

in any other case, there shall be no charge to tax under this section in respect of the transfer.

if any of the instalments becomes payable by a person falling within subsection (2) or (3) above, there shall be a charge to stamp duty reserve tax under this section when the instalment becomes payable;

the charge shall be at the rate of £1.50 for every £100 or part of £100 of the instalment payable;

the person liable to pay the instalment shall be liable for the tax.

that a person holds chargeable securities or evidence of the right to receive them, and

that another person is entitled to rights, whether expressed as units or otherwise, in or in relation to chargeable securities of the same kind, including the right to receive such securities (or evidence of the right to receive them) from the person mentioned in paragraph (a) above,

to a company which at the time of the transfer falls within subsection (6) of section 67 above and is resident in the United Kingdom, and

from a company which at that time falls within that subsection and is so resident,

has control of company Y, or

will have such control in consequence of the exchange or of an offer as a result of which the exchange is made.

there would have been such a charge but for section 95(2) or (3) above.

the new securities are transferred, issued or appropriated as mentioned in section 93(1)(b), and

the old securities are cancelled.

a person (A) whose business is or includes the provision of clearance services for the purchase and sale of chargeable securities has entered into an arrangement to provide such clearance services for another person, and

in pursuance of the arrangement, chargeable securities are transferred or issued to A or to a person whose business is or includes holding chargeable securities as nominee for A.

in a case where the securities are issued, their price when issued;

in a case where the securities are transferred for consideration in money or money's worth, the amount or value of the consideration;

in any other case, the value of the securities.

the transfer is effected by an instrument on which stamp duty under the heading “Conveyance or Transfer of any kind not hereinbefore described” in Schedule 1 to the Stamp Act 1891 F28 is chargeable,

at the time of the transfer the transferor is a qualified dealer in securities of the kind concerned or a nominee of such a qualified dealer,

the transfer is made for the purposes of the dealer's business,

at the time of the transfer the dealer is not a market maker in securities of the kind concerned, and

the instrument contains a statement that paragraphs (b) to (d) above are fulfilled,

securities are issued, or securities sold are transferred, and (in either case) they are to be paid for in instalments,

the person to whom they are issued or transferred holds them and transfers them to another person when the last instalment is paid,

subsection (2)(c) above applies in the case of the transfer to the other person,

before the making of the transfer to the other person an instrument is received by A or a person whose business is or includes holding chargeable securities as nominee for A,

the instrument so received evidences all the rights which (by virtue of the terms under which the securities are issued or sold as mentioned in paragraph (a) above) subsist in respect of them at the time of the receipt, and

the transfer to the other person is effected by an instrument containing a statement that paragraphs (a), (b) and (e) above are fulfilled,

if the amount of the duty is less than the amount of tax found by virtue of subsections (2) to (4) above, the tax charged under this section shall be the amount so found less the amount of the duty;

in any other case, there shall be no charge to tax under this section in respect of the transfer.

if any of the instalments becomes payable by A or by a person whose business is or includes holding chargeable securities as nominee for A, there shall be a charge to stamp duty reserve tax under this section when the instalment becomes payable;

the charge shall be at the rate of £1.50 for every £100 or part of £100 of the instalment payable;

the person liable to pay the instalment shall be liable for the tax.

that on or before 18th March 1986 the transferor (or, where the transferor transfers as agent, the principal) agreed to sell securities of the same kind and amount to the person (other than A) referred to in subsection (1)(a) above, and

that the transfer is effected in pursuance of that agreement.

to a company which at the time of the transfer falls within subsection (6) of section 70 above and is resident in the United Kingdom, and

from a company which at that time falls within that subsection and is so resident,

section 127(1) of the Finance Act 1976 F29 (transfer to stock exchange nominee), or

section 84(2) or (3) above.

has control of company Y, or

will have such control in consequence of the exchange or of an offer as a result of which the exchange is made.

there would have been such a charge but for section 97(3) or (4) above.

the new securities are transferred or issued as mentioned in section 96(1)(b), and

the old securities are cancelled.

shall come into force on such date as may be notified to the operator by the Board in giving their approval; and

shall continue in force unless and until it is terminated in accordance with the following provisions of this section.

a transfer or issue falling within section 70(1) or 96(1) above,

an agreement falling within section 90(4) above by virtue of section 96(1) above, or

an agreement falling within section 90(5) above,

for the collection of stamp duty reserve tax chargeable in accordance with this section, and

for complying, or securing compliance, with the provisions of this Part and of regulations under section 98 below, so far as relating to such tax.

has a business establishment in the United Kingdom, and

is approved by the Board.

shall be entitled to act on the operator’s behalf for the purposes of stamp duty and stamp duty reserve tax in connection with the clearance services to which the operator’s election under subsection (1) above relates,

shall secure (where appropriate by acting on the operator’s behalf) the operator’s compliance with and discharge of the obligations and liabilities to which the operator is subject, in connection with the clearance services to which the operator’s election under subsection (1) above relates, by virtue of legislation relating to stamp duty or stamp duty reserve tax (including obligations and liabilities arising before he became the operator’s tax representative), and

shall be personally liable in respect of any failure to secure the operator’s compliance with or discharge of any such obligation or liability, and in respect of anything done for purposes connected with acting on the operator’s behalf,

by not less than thirty days’ notice given by the operator to the Board or by the Board to the operator; or

from (or to) a company which at the time of the transfer falls within section 67(6) above, and

to (or from) a company which at that time falls within section 70(6) above.

providing that provisions of the Taxes Management Act 1970 M5 specified in the regulations shall apply in relation to stamp duty reserve tax as they apply in relation to a tax within the meaning of that Act, with such modifications (specified in the regulations) as they think fit;

making with regard to stamp duty reserve tax such further provision as they think fit in relation to administration, assessment, collection and recovery.

stocks, shares or loan capital,

interests in, or in dividends or other rights arising out of, stocks, shares or loan capital,

rights to allotments of or to subscribe for, or options to acquire, stocks, shares or loan capital, and

units under a unit trust scheme.

they are registered in a register kept in the United Kingdom by or on behalf of the body corporate by which they are issued or raised, or

in the case of shares, they are paired with shares issued by a body corporate incorporated in the United Kingdom, or

in the case of securities falling within paragraph (b) or (c) of subsection (3) above, paragraph (a) or (b) above applies to the stocks, shares or loan capital to which they relate.

securities the transfer of which is exempt from all stamp duties, or

securities falling within paragraph (b) or (c) of subsection (3) above which relate to stocks, shares or loan capital the transfer of which is exempt from all stamp duties.

the articles of association of the UK company and the equivalent instruments governing the foreign company each provide that no share in the company to which they relate may be transferred otherwise than as part of a unit comprising one share in that company and one share in the other, and

such units have been offered for sale to the public in the United Kingdom and, at the same time, an equal number of such units have been offered for sale to the public at a broadly equivalent price in the country in which the foreign company is incorporated.

that a person holds stocks or shares or evidence of the right to receive them, and

that another person is entitled to rights, whether expressed as units or otherwise, in or in relation to stocks or shares of the same kind, including the right to receive such stocks or shares (or evidence of the right to receive them) from the person mentioned in paragraph (a) above,

paragraph (a) of subsection (4) above and the reference to that paragraph in paragraph (c) of that subsection shall be ignored, and

the effect of paragraph 8 of Schedule 14 to the Companies Act 1985 M7 (share registered overseas) and of section 118 of the Companies Act (Northern Ireland) 1960 M8 and paragraph 7 of Schedule 14 to the Companies (Northern Ireland) Order 1986 M9 (equivalent provision for Northern Ireland) shall be ignored for the purposes of subsection (5) above.

newly subscribed shares, or

securities falling within paragraph (b) or (c) of subsection (3) above which relate to newly subscribed shares,