These Regulations provide for consequential amendments to the Stamp Duty Reserve Tax Regulations 1986 (S.I. 1986/1711), the Stamp Duty and Stamp Duty Reserve Tax (Open-ended Investment Companies) Regulations 1997 (S.I. 1997/1156) and the Authorised Investment Funds (Tax) Regulations 2006 (S.I. 2006/964). The amendments are required as result of the abolition of Stamp Duty Reserve Tax applied to certain dealings in Collective Investment Schemes (“CISs”) in Part 2 of Schedule 19 to the Finance Act 1999 (“Schedule 19”).

Part 2 of Schedule 19 was repealed by section 114 of the Finance Act 2014 (c. 26) and has effect for those dealings in CISs made or effected on or after 30th March 2014. Section 114(5) of the Finance Act 2014 (c. 26) provides the power for the consequential amendments made by these Regulations to have retrospective effect.

A Tax Information and Impact Note covering this instrument was published on 10th December 2013 alongside the draft Finance Bill 2014 and is available on the HMRC website at http://hmrc.gov.uk/thelibrary/tiins.htm. It remains an accurate summary of the impacts that apply to this instrument.