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).