Part IVSTAMP DUTY AND STAMP DUTY RESERVE TAX
116 Investment exchanges and clearing houses: stamp duty.
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,
F2b
involve a prescribed relevant entity, or a member or nominee (or member or nominee of a prescribed description) of such a relevant entity, or a nominee (or nominee of a prescribed description) of a member of such a relevant entity, 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—
F1aa
“the Directive” means F5Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments, as amended from time to time,
a
“prescribed means prescribed by the regulations, F3and
F4b
“relevant entity” means any of the following—
i
a regulated market and a multilateral trading facility (within the meaning of the Directive);
ii
a recognised clearing house, a recognised investment exchange, an EEA central counterparty and a third country central counterparty (within the meaning of section 285 of the Financial Services and Markets Act 2000).