12 Amendments to Part II of the Schedule
1 Part II of the Schedule (which restates the provisions of the Management Act specified in Part I of the Schedule as modified where appropriate) shall be amended as follows.
2 For subsections (4) and (5) of section 25 (as modified) there shall be substituted the following subsections—

“4 A member of a 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”) may be required to make a return giving particulars of any transactions effected by him in the course of his business in the period specified in the notice requiring the return and giving particulars of—
(a) the parties to the transactions,
(b) the number or amount of the shares or securities dealt with in the respective transactions, and
(c) the amount or value of the consideration.
5 A person (other than a member of a recognised investment exchange or an EEA regulated market) who acts as an agent or broker in the United Kingdom in transactions in shares or securities may be required to make a return giving particulars of any such transactions effected by him in the period specified in the notice, and giving particulars of—
(a) the parties to the transactions,
(b) the number or amount of the shares or securities dealt with in the respective transactions, and
(c) the amount or value of the consideration.”

3 For section 93 (as modified) there shall be substituted the following section—

“93 — (1) This section applies 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) The taxpayer shall be liable to a penalty which shall be £100. (3) If, on an application made to them by an officer of the Board, the Special Commissioners so direct, the taxpayer shall be liable to a further penalty or penalties not exceeding £60 for each day on which the failure continues after the day on which he is notified of the direction (but excluding any day for which a penalty under this subsection has already been imposed). (5) Without prejudice to any penalties under subsections (2) and (3) above, 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) No penalty shall be imposed under subsection (3) above in respect of a failure at any time after the failure has been remedied.	Failure to give notice for stamp duty reserve tax.”

4 For subsection (1) of section 95 (as modified) there shall be substituted the following subsection—

“1 Where a person fraudulently or negligently—
(a) gives any incorrect notice under regulation 4 or 4A of the Stamp Duty Reserve Tax Regulations 1986, or
(b) makes any incorrect statement or declaration in, or in connection with, any claim in respect of stamp duty reserve tax,
he shall be liable to a penalty not exceeding the amount of the difference specified in subsection (2) below.”

5 In the Table in section 98 (as modified) for the words “regulation 4” there shall be substituted the words “regulations 4 and 4A”.
6 In section 99 (as modified) after the words “regulation 4” there shall be inserted the words “or 4A”.