1(1)Section 80A of FA 1986 (exemption from stamp duty: sales to intermediaries) is amended as follows.U.K.
(2)For subsections (1) to (3) substitute—
“(1)Stamp duty shall not be chargeable on an instrument transferring stock of a particular kind on sale to a person or the person's nominee if—
(a)the person is a member of a regulated market on which stock of that kind is regularly traded; and
(b)the person is an intermediary and is recognised as such by the market in accordance with arrangements approved by the Commissioners.
(1A)Stamp duty shall not be chargeable on an instrument transferring stock of a particular kind on sale to a person or the person's nominee if—
(a)the person is a member of a multilateral trading facility, or a recognised foreign exchange, on which stock of that kind is regularly traded;
(b)the person is an intermediary and is recognised as such by the facility or exchange in accordance with arrangements approved by the Commissioners; and
(c)the sale is effected on the facility or exchange.
(1B)Stamp duty shall not be chargeable on an instrument transferring stock of a particular kind on sale to a person or the person's nominee if—
(a)the person is an intermediary who is approved for the purposes of this section by the Commissioners; and
(b)stock of that kind is regularly traded on a regulated market.
(1C)Stamp duty shall not be chargeable on an instrument transferring stock of a particular kind on sale to a person or the person's nominee if—
(a)the person is an intermediary who is approved for the purposes of this section by the Commissioners;
(b)stock of that kind is regularly traded on a multilateral trading facility or a recognised foreign exchange; and
(c)the sale is effected on the facility or exchange.
(2)Stamp duty shall not be chargeable on an instrument transferring stock of a particular kind on sale to a person or the person's nominee if—
(a)the person is a member of a regulated market, a multilateral trading facility or a recognised foreign options exchange;
(b)options to buy or sell stock of that kind are regularly traded on, and are listed by or quoted on, that market, facility or exchange;
(c)the person is an options intermediary and is recognised as such by that market, facility or exchange in accordance with arrangements approved by the Commissioners; and
(d)stock of that kind is regularly traded on a regulated market.
(2A)Stamp duty shall not be chargeable on an instrument transferring stock of a particular kind on sale to a person or the person's nominee if—
(a)the person is a member of a regulated market, a multilateral trading facility or a recognised foreign options exchange;
(b)options to buy or sell stock of that kind are regularly traded on, and are listed by or quoted on, that market, facility or exchange;
(c)the person is an options intermediary and is recognised as such by that market, facility or exchange in accordance with arrangements approved by the Commissioners; and
(d)the sale is effected on a relevant qualifying exchange on which stock of that kind is regularly traded or is effected on a relevant qualifying exchange pursuant to the exercise of a relevant option and options to buy or sell stock of that kind are regularly traded on, and are listed by or quoted on, that exchange;
and in paragraph (d) “relevant qualifying exchange” means a multilateral trading facility, a recognised foreign options exchange or a recognised foreign exchange.
(2B)Stamp duty shall not be chargeable on an instrument transferring stock of a particular kind on sale to a person or the person's nominee if—
(a)the person is an options intermediary who is approved for the purposes of this section by the Commissioners;
(b)options to buy or sell stock of that kind are regularly traded on, and are listed by or quoted on, a regulated market, a multilateral trading facility or a recognised foreign options exchange; and
(c)stock of that kind is regularly traded on a regulated market.
(2C)Stamp duty shall not be chargeable on an instrument transferring stock of a particular kind on sale to a person or the person's nominee if—
(a)the person is an options intermediary who is approved for the purposes of this section by the Commissioners;
(b)options to buy or sell stock of that kind are regularly traded on, and are listed by or quoted on, a regulated market, a multilateral trading facility or a recognised foreign options exchange; and
(c)the sale is effected on a relevant qualifying exchange on which stock of that kind is regularly traded or is effected on a relevant qualifying exchange pursuant to the exercise of a relevant option and options to buy or sell stock of that kind are regularly traded on, and are listed by or quoted on, that exchange;
and in paragraph (c) “relevant qualifying exchange” means a multilateral trading facility, a recognised foreign options exchange or a recognised foreign exchange.”
(3)In subsection (6) (meaning of sale being on an exchange)—
(a)after “effected on” insert “ a facility or ”,
(b)for “subsection (1) or (2) above” substitute “ this section ”, and
(c)for “the exchange” (in each place) substitute “ the facility or exchange ”.
(4)After that subsection insert—
“(6A)The Commissioners may approve a person for the purposes of this section only if the person is authorised under the law of an EEA State to provide any of the investment services or activities listed in Section A 2 or 3 of Annex I to the Directive (execution of orders on behalf of clients and dealing on own account), whether or not the person is authorised under the Directive.”
(5)The amendments made by this paragraph have effect in relation to any instrument executed on or after 1st November 2007.