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Finance Act 1991

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116 Investment exchanges and clearing houses: stamp duty.U.K.

(1)The Treasury may make regulations providing as mentioned in this section with regard to any circumstances which—

(a)would (apart from the regulations) give rise to a charge to stamp duty,

(b)involve a prescribed recognised investment exchange or a prescribed recognised clearing house, or a member or nominee (or member or nominee of a prescribed description) of such an exchange, or a nominee (or nominee of a prescribed description) of such a clearing house, or a nominee (or nominee of a prescribed description) of a member of such an exchange, and

(c)are such as are prescribed.

(2)The regulations may provide that the charge to stamp duty shall be treated as not arising or (depending on the terms of the regulations) as reduced.

(3)Regulations under this section—

(a)shall be made by statutory instrument subject to annulment in pursuance of a resolution of the House of Commons;

(b)may include such supplementary, incidental, consequential or transitional provisions as appear to the Treasury to be necessary or expedient;

(c)may make different provision for different circumstances;

(d)may make any provision in such way as the Treasury think fit (whether by amending enactments or otherwise).

(4)In this section—

(a) “prescribed means prescribed by the regulations,

(b) “recognised investment exchange means a recognised investment exchange within the meaning of the [F1Financial Services and Markets Act 2000], and

(c) “recognised clearing house means a recognised clearing house within the meaning of that Act.

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