Amendments to Part I of the Schedule
11.—(1) The Table in Part I of the Schedule (which applies the provisions of the Management Act specified in the first column of that Table subject to any modification specified in the second column of that Table) shall be amended as follows.
(2) For the entry relating to section 25(4)(1) there shall be substituted the following entry—
“(4) For the words “stock exchange in the United Kingdom, other than a market maker,” substitute “recognised investment exchange or a market of the kind described in paragraphs (a) and (b) of article 2 of the Financial Services Act 1986 (EEA Regulated Markets) (Exemption) Order 1995 (“EEA regulated market”)”.”
(3) In the entry to section 25(5) for the words ““The Stock Exchange”” there shall be substituted the words ““a recognised investment exchange or an EEA regulated market””.
(4) For the entries relating to section 93(2) there shall be substituted the following entries—
“93—(1) For the words “where” to “with the notice” substitute “where any person (the taxpayer) fails to give a notice which he is required to give under regulation 4 or 4A of the Stamp Duty Reserve Tax Regulations 1986”.
(2) —
(3) Omit the words “General or”.
(5) For the words “to (4)” substitute “and (3)”; and for the words from “if” to the end substitute “if the failure by the taxpayer to give the notice continues after the end of a period of one year beginning on the last day on which the notice should have been given, he shall be liable to a penalty of an amount not exceeding the amount of the tax which he should have paid by the date by which he should have given the notice”.
(6) —.”
(5) For the entry relating to section 95(1)(3) there shall be substituted the following entry—
“95—(1) In paragraph (a) for the word “delivers” substitute “gives”; and for the words from “return” to “Act)” substitute “notice under regulation 4 or 4A of the Stamp Duty Reserve Tax Regulations 1986”; in paragraph (b) omit the word “return,”; for the words “in connection with” substitute “in, or in connection with,”; omit the words “for any allowance, deduction or relief”; and for the words “income tax or capital gains” substitute “stamp duty reserve”; omit paragraph (c) and the word “or” immediately preceding it.”
(6) In the entry relating to section 98(4) for the words “regulation 4” there shall be substituted the words “regulations 4 and 4A”.
(7) In the entry relating to section 99(5) after the words “regulation 4” there shall be inserted the words “or 4A”.
Section 25(4) was amended by paragraph 7(1) of Schedule 18 to the Finance Act 1986.
Section 93 was substituted by paragraph 25 of Schedule 19 to the Finance Act 1994 (c. 9).
Section 95 was amended by section 163(1)(a) of the Finance Act 1989 (c. 26) and Part VIII of Schedule 14 to the Finance Act 1988 (c. 39).
The entry relating to section 98 was substituted by regulation 7(9) of S.I. 1993/s110 and amended by regulation 31(4) of S.I. 1994/1813.
The entry relating to section 99 was substituted by regulation 7(10) of S.I. 1993/3110.