1.Section 217 gives the Treasury the power to make regulations to provide an exemption or relief from stamp duty or stamp duty reserve tax for transactions relating to collective investment schemes.
2.Subsection (2) allows the regulations to specify the type of collective investment scheme affected and the circumstances in which an exemption or relief applies.
3.Subsection (4)(a) allows the regulations to modify existing or future primary or other legislation.
4.Subsection (4)(b) makes provision for the regulations to make consequential, supplementary and transitional provision.
5.Subsection (6) provides that a statutory instrument made under this power is subject to the negative resolution procedure.
6.The Government has announced its intention to legislate to enable the UK regulator to authorise, under the UCITS IV directive (Directive 2009/65/EC of the European Parliament and of The Council), tax transparent collective investment schemes to be constituted by contractual arrangements. Transactions relating to the new schemes will need to have an appropriate stamp duty and stamp duty reserve tax treatment. This section gives the Treasury the power to provide this.