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).