The Stamp Duty Reserve Tax Regulations 1986 (S.I. 1986/1711)
Introduction
112. Amend the Stamp Duty Reserve Tax Regulations 1986 in accordance with Articles 113 to 115.
Interpretation
113.—(1) Amend regulation 2 (interpretation)(1) 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 2001(2)”.
(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 payment
114. In regulation 4A(1)(a)(ii) (notice of charge and payment)(3) for “a recognised self-regulating organisation, a recognised professional body” substitute “the Financial Services Authority”.
The Taxes Management Act 1970: provisions to apply
115.—(1) Amend the Schedule (the Taxes Management Act 1970: provisions to apply)(4) as follows.
(2) In the Table in Part I in the entry relating to section 25(4)(5) 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”.
Regulation 2 was relevantly amended by regulation 2(a) and (b) of S.I. 1992/3287 and regulation 3(a), (c), (f) and (g) of S.I. 1997/2430.
S.I. 2001/1201.
Regulation 4A was inserted by regulation 5 of S.I. 1997/2430.
The Schedule was relevantly amended by regulations 11(2) and 12(2) of S.I. 1997/2430.
Section 25(4) was amended by paragraph 8(1) of Schedule 18 to the Finance Act 1986.