116[F1Investment exchanges, clearing houses and central securities depositories: stamp duty]U.K.
(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,
[F2(b)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—
F3(aa). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(a) “prescribed means prescribed by the regulations, [F4and]
[F5(b)“relevant entity” means any of the following—
(i)[F6a UK regulated market (within the meaning given by Article 2.1(13A) of Regulation (EU) No 600/2014 of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments);
(ia)a UK multilateral trading facility (within the meaning given by Article 2.1(14A) of that Regulation);
(ib)an EU regulated market (within the meaning given by Article 2.1(13B) of that Regulation);
(ic)an EU multilateral trading facility (within the meaning given by Article 2.1 (14B) of that Regulation);
(id)[F7a Gibraltar regulated market (within the meaning given by Article 26(11)(b)(i) of that Regulation);
(ie)a Gibraltar multilateral trading facility (within the meaning given by Article 26(11)(b)(ii) of that Regulation);]]
(ii)a recognised clearing house, [F8a recognised CSD F9..., a third country CSD,] a recognised investment exchange F9... and a third country central counterparty (within the meaning of section 285 of the Financial Services and Markets Act 2000).]
F10(5). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Textual Amendments
F1S. 116 heading substituted (28.11.2017) by The Central Securities Depositories Regulations 2017 (S.I. 2017/1064), reg. 1, Sch. para. 6(2)(a) (with regs. 7(4), 9(1))
F2S. 116(1)(b) substituted (1.4.2013) by The Financial Services and Markets Act 2000 (Over the Counter Derivatives, Central Counterparties and Trade Repositories) Regulations 2013 (S.I. 2013/504), regs. 1(2), 20(2)(a) (with regs. 52-58)
F3S. 116(4)(aa) omitted (31.12.2020) by virtue of The Taxes (Amendments) (EU Exit) Regulations 2019 (S.I. 2019/689), regs. 1, 5(2)(a)(i) (with regs. 39-41); 2020 c. 1, Sch. 5 para. 1(1)
F4Word in s. 116(4)(a) inserted (1.4.2013) by The Financial Services and Markets Act 2000 (Over the Counter Derivatives, Central Counterparties and Trade Repositories) Regulations 2013 (S.I. 2013/504), regs. 1(2), 20(2)(b) (with regs. 52-58)
F5S. 116(4)(b) substituted for s. 116(4)(b)(c) (1.4.2013) by The Financial Services and Markets Act 2000 (Over the Counter Derivatives, Central Counterparties and Trade Repositories) Regulations 2013 (S.I. 2013/504), regs. 1(2), 20(2)(c) (with regs. 52-58)
F6S. 116(4)(b)(i)-(ie) substituted for s. 116(4)(b)(i) (31.12.2020) by The Taxes (Amendments) (EU Exit) Regulations 2019 (S.I. 2019/689), regs. 1, 5(2)(a)(ii) (with regs. 39-41); 2020 c. 1, Sch. 5 para. 1(1)
F7S. 116(4)(id)(ie) substituted (31.12.2020) by The Taxes (Amendments) (EU Exit) (No. 2) Regulations 2019 (S.I. 2019/818), regs. 1(3), 3(2)(a); 2020 c. 1, Sch. 5 para. 1(1)
F8Words in s. 116(4)(b)(ii) inserted (28.11.2017) by The Central Securities Depositories Regulations 2017 (S.I. 2017/1064), reg. 1, Sch. para. 6(2)(b) (with regs. 7(4), 9(1))
F9Words in s. 116(4)(b)(ii) omitted (31.12.2020) by virtue of The Investment Exchanges, Clearing Houses and Central Securities Depositories (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/662), regs. 1(3), 22 (with savings in S.I. 2019/680, reg. 11); 2020 c. 1, Sch. 5 para. 1(1)
F10S. 116(5) inserted (31.12.2020) by The Taxes (Amendments) (EU Exit) Regulations 2019 (S.I. 2019/689), regs. 1, 5(2)(b) (with regs. 39-41) and omitted (31.12.2020 immediately after the coming into force of S.I. 2019/689) by virtue of The Taxes (Amendments) (EU Exit) (No. 2) Regulations 2019 (S.I. 2019/818), regs. 1(3), 3(2)(b); 2020 c. 1, Sch. 5 para. 1(1)