Part IIIMiscellaneous and General
Stamp duty etc.
175Stamp duty: stock exchange nominees
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 the heading “Conveyance or Transfer on Sale” in Schedule 1 to the [1891 c. 39.] Stamp Act 1891 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 [1976 c. 40.] Finance Act 1976 as a nominee of The Stock Exchange by an order made by the Secretary of State under subsection (5) of that section.