The Stamp Duty and Stamp Duty Reserve Tax (Extension of Exceptions relating to Recognised Exchanges) Regulations 2005

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(a) the market known as AIM established under the rules of London Stock Exchange plc,

(b) the market known as OFEX,

(c) the market known as POSIT and operated by Investment Technology Group Limited.

The markets specified in sub-paragraphs (a) to (c) are referred to in these Regulations as "prescribed multilateral trading facilities".

Application of the relevant provisions to prescribed multilateral trading facilities
     3. —(1) In their application to prescribed multilateral trading facilities, the relevant provisions as adapted as follows.

    (2) In the following provisions of these Regulations a reference to a numbered section is a reference to the section of the Finance Act 1986[3] bearing that number.

Adaptation of section 80A
     4. —(1) Section 80A (stamp duty: exceptions for sales to intermediaries) [4] is adapted as follows.

    (2) In subsection (1)—

(a) in paragraph (a) for "an EEA exchange, or a recognised foreign exchange," substitute "a prescribed multilateral trading facility"; and

(b) in paragraphs (b) and (c) for "the exchange" substitute "the facility".

    (3) In subsection (2)—

(a) in paragraph (a) for "an EEA exchange, or a recognised foreign options exchange," substitute "a prescribed multilateral trading facility";

(b) in paragraph (b) for "that exchange" substitute "that facility" (in both places);

(c) in paragraph (c) for "that exchange" substitute "that facility"; and

(d) in paragraph (d)—


(i) for "exchange, or a" substitute "exchange, a"; and

(ii) after "foreign exchange" insert "or a prescribed multilateral trading facility".

    (4) In subsection (3)—

(a) in paragraph (a) for "an EEA exchange, or a recognised foreign options exchange," substitute "a prescribed multilateral trading facility"; and

(b) in paragraph (b) for "that exchange" substitute "that facility" (in both places).

    (5) In subsection (6) —

(a) in the words before paragraph (a) for "an exchange" substitute "a prescribed multilateral trading facility"; and

(b) in paragraphs (a) and (b) for "the exchange" (in each place) substitute "the facility".

    (6) At the end of the section add —

    " (8) In this section "prescribed multilateral trading facility" has the meaning given by regulation 2 of the Stamp Duty and Stamp Duty Reserve Tax (Extension of Exceptions relating to Recognised Exchanges) Regulations 2005 (S.I. 2005/1990).".

Adaptation of section 80C
     5. —(1) Section 80C (stamp duty: exceptions for repurchases and stock lending)[5] is adapted as follows.

    (2) In subsection (3)—

(a) in paragraph (a) for "an EEA exchange or a recognised foreign exchange" substitute "a prescribed multilateral trading facility";

(b) in paragraph (b) for "that exchange" substitute "that facility".

    (3) In subsection (6) —

(a) in the words before paragraph (a) for "an exchange" substitute "a prescribed multilateral trading facility"; and

(b) in paragraphs (a) and (b) for "the exchange" (in each place) substitute "the facility".

    (4) For subsection (7) substitute—

    " (7) In this section "prescribed multilateral trading facility" has the meaning given by regulation 2 of the Stamp Duty and Stamp Duty Reserve Tax (Extension of Exceptions relating to Recognised Exchanges) Regulations 2005.".

Adaptation of section 88A
     6. —(1) Section 88A (stamp duty reserve tax: exceptions from the principal charge for transactions involving intermediaries)[6] is adapted as follows.

    (2) In subsection (1)—

(a) in paragraph (a) for "an EEA exchange, or a recognised foreign exchange" substitute "a prescribed multilateral trading facility";

(b) in paragraphs (b) and (c) for "the exchange" (in each place) substitute "the facility".

    (3) In subsection (2)—

(a) in paragraph (a) for "an EEA exchange or a recognised foreign options exchange" substitute "a prescribed multilateral trading facility";

(b) in paragraphs (b) and (c) for "that exchange" (in each place) substitute "that facility";

(c) in paragraph (d)—


(i) for "exchange, or a" substitute "exchange, a"; and

(ii) after "foreign exchange" insert ", or a prescribed multilateral trading facility".

    (4) In subsection (3)—

(a) in paragraph (a) for "an EEA exchange, or a recognised foreign options exchange" substitute "a prescribed multilateral trading facility"

(b) in paragraph (b) for "that exchange" (in each place) substitute "that facility".

    (5) In subsection (6)—

(a) in the words preceding paragraph (a) for "an exchange" substitute "a facility"; and

(b) in paragraphs (a) and (b) (in each place) for "the exchange" substitute "the facility".

    (6) At the end of the section add—

    " (7) In this section "prescribed multilateral trading facility" has the meaning given by regulation 2 of the Stamp Duty and Stamp Duty Reserve Tax (Extension of Exceptions relating to Recognised Exchanges) Regulations 2005.".

Adaptation of section 89AA
     7. —(1) Section 89AA (stamp duty reserve tax: exceptions from the principal charge for transactions involving repurchase and stock lending) is adapted as follows.

    (2) In subsection (3)—

(a) in paragraph (a)for "on an EEA exchange or a recognised foreign exchange" substitute "a prescribed multilateral trading facility"; and

(b) in paragraph (b) for "that exchange" substitute "that facility".

    (3) In subsection (5)—

(a) in the words preceding paragraph (a) for "an exchange" substitute "a facility"; and

(b) in paragraphs (a) and (b) for "the exchange" (in each place) substitute "the facility".

    (4) For subsection (6) substitute—

    " (6) In this section "prescribed multilateral trading facility" has the meaning given by regulation 2 of the Stamp Duty and Stamp Duty Reserve Tax (Extension of Exceptions relating to Recognised Exchanges) Regulations 2005.".

Gillian Merron

Vernon Coaker
Two of the Lords Commissioners of Her Majesty's Treasury

20th July 2005

[2] I.e. Directive 2004/39/EC of the European Parliament and Council of 21 April 2004 on markets in financial instruments (see section 50(3) of the Finance (No. 2) Act 2005).back

[3] 1986 c. 41.back

[4] Section 80A was inserted by section 97 of the Finance Act 1997 and is to be repealed by the relevant entry in Part VII of Schedule 18 to that Act upon a date to be appointed.back

[5] Section 80C was inserted by section 98 of the Finance Act 1997 and is to be repealed by the relevant entry in Part VII of Schedule 18 to that Act upon a date to be appointed.back

[6] Section 88A was inserted by section 102 of the Finance Act 1997.back