(This note is not part of the Regulations)
These Regulations provide for exemptions from stamp duty and stamp duty reserve tax for transfers of interests in exchange traded funds (ETF). An ETF is defined in regulation 5 using terms that are themselves defined in regulation 2.
Regulation 3 provides an exemption from stamp duty reserve tax. Regulation 4(1) provides exemption from stamp duty. Regulation 4(2) ensures that interests in an ETF should still be regarded as consideration for stamp duty purposes if they are given for the acquisition of other property subject to stamp duty.
A Tax Information and Impact Note covering this instrument was published on 13th February 2014 and is available on the HMRC website at http://hmrc.gov.uk/thelibrary/tiins.htm alongside draft legislation. It remains an accurate summary of the impacts that apply to this instrument.