PART 8Consequential amendments

Amendments to the Finance Act 1991I120

1

The Finance Act 199162 is amended as follows.

2

In section 116 (investment exchanges and clearing houses: stamp duty)—

a

for subsection (1)(b) substitute—

b

involve a prescribed relevant entity, or a member or nominee (or member or nominee of a prescribed description) of such a relevant entity, or a nominee (or nominee of a prescribed description) of a member of such a relevant entity, and

b

at the end of subsection (4)(a) insert “and”;

c

for paragraphs (b) and (c) of subsection (4) substitute—

b

“relevant entity” means any of the following—

i

a regulated market and a multilateral trading facility (within the meaning of the Directive);

ii

a recognised clearing house, a recognised investment exchange, an EEA central counterparty and a third country central counterparty (within the meaning of section 285 of the Financial Services and Markets Act 2000).

3

In section 117 (investment exchanges and clearing houses: SDRT) for subsection (1)(b) substitute—

b

involve a prescribed relevant entity, or a member or nominee (or member or nominee of a prescribed description) of such a relevant entity, or a nominee (or nominee of a prescribed description) of a member of such a relevant entity, and