PART 3AMENDMENTS TO SECONDARY LEGISLATION
The Stamp Duty Reserve Tax Regulations 1986 (S.I.1986/1711)
Introduction112
Amend the Stamp Duty Reserve Tax Regulations 1986 in accordance with Articles 113 to 115.
Interpretation113
1
Amend regulation 2 (interpretation)107 as follows.
2
In the definition of “accountable date” in paragraphs (a)(ii) and (b) for “a recognised self-regulating organisation, a recognised professional body” substitute “the Financial Services Authority”.
3
In the definition of “EEA regulated market” for the words from “paragraphs” to “1995” substitute “paragraph 36(2) of Part III of the Schedule to the Financial Services and Markets Act 2000 (Exemption) Order 2001108”.
4
Omit the definition of “European institution”.
5
In the definition of “exchange” in paragraph (a) for “207(1) of the Financial Services Act 1986” substitute “285(1)(a) of the Financial Services and Markets Act 2000”.
6
For the definition of “investment business” substitute—
“investment business” means business which consists of the carrying on of one or more of the activities specified in Articles 14, 21, 25, 37, 40, 45, 51 and 53 and, in so far as it applies to any of those Articles, Article 64 of the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001;
7
In the definition of “qualified dealer” for paragraphs (a) and (b) substitute—
a
a person who has permission under Part 4 of the Financial Services and Markets Act 2000 to carry on investment business, or
8
Omit the definition of “recognised professional body” and “recognised self-regulating organisation”.
Notice of charge and payment114
In regulation 4A(1)(a)(ii) (notice of charge and payment)109 for “a recognised self-regulating organisation, a recognised professional body” substitute “the Financial Services Authority”.
The Taxes Management Act 1970: provisions to apply115
1
Amend the Schedule (the Taxes Management Act 1970: provisions to apply)110 as follows.
2
In the Table in Part I in the entry relating to section 25(4)111 in the second column for the words from “paragraphs” to “1995” substitute “paragraph 36(2) of Part III of the Schedule to the Financial Services and Markets Act 2000 (Exemption) Order 2001”.
3
In Part II in section 25(4) (as modified) for the words from “paragraphs” to “1995” substitute “paragraph 36(2) of Part III of the Schedule to the Financial Services and Markets Act 2000 (Exemption) Order 2001”.