(1)The Treasury may make regulations providing as mentioned in this section with regard to any circumstances which—
(a)would (apart from the regulations) give rise to a charge to stamp duty,
(b)involve a prescribed recognised investment exchange or a prescribed recognised clearing house, or a member or nominee (or member or nominee of a prescribed description) of such an exchange [F1or clearing house, or a nominee (or nominee of a prescribed description) of a member of such an exchange or clearing house, and]
(c)are such as are prescribed.
(2)The regulations may provide that the charge to stamp duty shall be treated as not arising or (depending on the terms of the regulations) as reduced.
(3)Regulations under this section—
(a)shall be made by statutory instrument subject to annulment in pursuance of a resolution of the House of Commons;
(b)may include such supplementary, incidental, consequential or transitional provisions as appear to the Treasury to be necessary or expedient;
(c)may make different provision for different circumstances;
(d)may make any provision in such way as the Treasury think fit (whether by amending enactments or otherwise).
(4)In this section—
[F2(aa)“the Directive” means Directive 2004/39/EC of the European Parliament and of the Council of 21 April 2004 on markets in financial instruments, as amended from time to time,]
(a) “prescribed means prescribed by the regulations,
(b) “recognised investment exchange means a recognised investment exchange within the meaning of the [F3Financial Services and Markets Act 2000] [F4, a regulated market within the meaning of the Directive or a multilateral trading facility within the meaning of the Directive], and
(c) “recognised clearing house means a recognised clearing house within the meaning of that Act.
Textual Amendments
F1Words in s. 116(1)(b) substituted (retrospectively) by Finance Act 2010 (c. 15), s. 65
F2S. 116(4)(aa) inserted (19.7.2007) by Finance Act 2007 (c. 11), Sch. 21 para. 7(2)
F3Words in s. 116(4)(b) substituted (1.12.2001) by Financial Services and Markets Act 2000 (c. 8), s. 432(1), Sch. 20 para. 5(3); S.I. 2001/3538, art. 2(1)
F4Words in s. 116(4)(b) inserted (19.7.2007) by Finance Act 2007 (c. 11), Sch. 21 para. 7(3)