The Stamp Duty and Stamp Duty Reserve Tax (Open-ended Investment Companies) (Amendment) Regulations 1999

Statutory Instruments

1999 No. 1467

TAXES

The Stamp Duty and Stamp Duty Reserve Tax (Open-ended Investment Companies) (Amendment) Regulations 1999

Made

26th May 1999

Laid before the House of Commons

26th May 1999

Coming into force

16th June 1999

The Treasury, in exercise of the powers conferred on them by section 152 of the Finance Act 1995(1), hereby make the following Regulations:

Citation and commencement

1.  These Regulations may be cited as the Stamp Duty and Stamp Duty Reserve Tax (Open-ended Investment Companies) (Amendment) Regulations 1999 and shall come into force on 16th June 1999.

Interpretation

2.  In these Regulations “the principal Regulations” means the Stamp Duty and Stamp Duty Reserve Tax (Open-ended Investment Companies) Regulations 1997(2) and “regulation” means a regulation of the principal Regulations.

Amendments to the principal Regulations

3.  In regulation 9(4)–

(a) the word “but” immediately following sub-paragraph (a) shall be omitted;

(b) sub-paragraph (b) shall be omitted.

4.  In each of sub-paragraphs (a) and (b) of regulation 10(4) the words “but before 1st July 1999” shall be omitted.

Jane Kennedy

Bob Ainsworth

Two of the Lords Commissioners of Her Majesty’s Treasury

26th May 1999

Explanatory Note

(This note is not part of the Regulations)

These Regulations amend the Stamp Duty and Stamp Duty Reserve Tax (Open-ended Investment Companies) Regulations 1997 (S.I. 1997/1156) so as to provide that the exemption from stamp duty and stamp duty reserve tax for mergers of authorised unit trusts with open-ended investment companies shall extend beyond 1st July 1999.

(1)

1995 c. 4.

(2)

S.I. 1997/1156.