(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.