PART 5Other taxes
Stamp duty and stamp duty reserve tax
68Securitisation companies and qualifying transformer vehicles
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).