(1)The Treasury may by regulations make provision for stamp duty or stamp duty reserve tax (or both) not to be chargeable in connection with, or with a particular description of, the following—
(a)transfers of relevant securities issued or raised by a securitisation company or a qualifying transformer vehicle, and
(b)transfers of relevant securities to or by a securitisation company.
(2)In this section, “relevant securities” means—
(a)stock or marketable securities (as defined in section 122 of the Stamp Act 1891), and
(b)chargeable securities (as defined in section 99 of FA 1986, subject to subsection (8)).
(3)Regulations under this section may, among other things—
(a)make provision for stamp duty not to be chargeable on a written document relating to a transfer;
(b)make provision for stamp duty reserve tax not to be chargeable on a transfer or an agreement for a transfer;
(c)provide that a transfer is exempt from all stamp duties;
(d)make provision subject to conditions;
(e)make different provision for different purposes;
(f)contain incidental, consequential, transitional and transitory provision and savings.
(4)The provision that may be made under subsection (3)(f) includes provision amending an enactment.
(5)Regulations under this section are to be made by statutory instrument.
(6)A statutory instrument containing regulations under this section is subject to annulment in pursuance of a resolution of the House of Commons.
(7)In this section—
“enactment” includes subordinate legislation (as defined in section 21 of the Interpretation Act 1978);
“qualifying transformer vehicle” has same meaning as in the Risk Transformation (Tax) Regulations 2017 (S.I. 2017/1271) (see regulation 3 of those Regulations);
“securitisation company” has the same meaning as in the Taxation of Securitisation Companies Regulations 2006 (S.I. 2006/3296) (see regulation 4 of those Regulations);
“transfer” includes issue or appropriation under arrangements involving the issue of depositary receipts or the provision of clearance services for the purchase and sale of relevant securities.
(8)For the purposes of this section, “chargeable securities” includes securities that are not chargeable securities for the purposes of Part 4 of FA 1986 by virtue of an exemption under regulations made under this section (see section 99(5) and (5ZA) of that Act).