(1)The Treasury may by regulations provide that where —
(a)circumstances would (apart from the regulations) give rise to a charge to stamp duty under [F1Part I of Schedule 13 to the Finance Act 1999 (conveyance or transfer on sale)] and to a charge to stamp duty reserve tax,
(b)the circumstances involve a stock exchange nominee, and
(c)the circumstances are such as are prescribed,
the charge to stamp duty shall be treated as not arising.
(2)The power to make regulations under this section shall be exercisable by statutory instrument subject to annulment in pursuance of a resolution of the House of Commons.
(3)In this section —
(a)“prescribed” means prescribed by the regulations, and
(b)“stock exchange nominee” means a person designated for the purposes of section 127 of the Finance Act 1976[1976 c. 40.] as a nominee of The Stock Exchange by an order made by the Secretary of State under subsection (5) of that section.
Textual Amendments
F1Words in s. 175(1)(a) substituted (with effect in accordance with s. 112(6) of the amending Act) by Finance Act 1999 (c. 16) ss. 112(4), 122, {Sch. 14 para. 23}