SCHEDULES

SCHEDULE 21Exemptions from stamp duty and SDRT: intermediaries, repurchases etc

Exemptions from stamp duty and SDRT in cases involving recognised investment exchanges

7

(1)

In section 116 of FA 1991 (stamp duty: investment exchanges and clearing houses), subsection (4) is amended as follows.

(2)

After “In this section—” insert—

“(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,”.

(3)

In paragraph (b) (definition of “recognised investment exchange”), after “2000” insert “ , a regulated market within the meaning of the Directive or a multilateral trading facility within the meaning of the Directive ”.