The Stamp Duty Reserve Tax (Investment Exchanges and Clearing Houses) (The London Stock Exchange) Regulations 2008

Interpretation

2.—(1) In these Regulations–

“Board of directors” means the Board of directors of London Stock Exchange plc(1);

“clearing participant” means a member (as defined by this regulation) who is also a member of x-clear and who as such is permitted by the Board of directors and that clearing house to clear transactions made on the Exchange for a traded security;

“client” means a person who gives instructions to a participant for equity securities to be purchased or, as the case may be, sold on the Exchange;

“equity securities” means stocks and shares which are issued or raised by a company but does not include stocks and shares issued by a company not incorporated in the United Kingdom unless—

(a)

they are registered in a register kept in the United Kingdom by or on behalf of the company; or

(b)

in the case of shares, they are paired, within the meaning of section 99(6A) of the Finance Act 1986(2), with shares issued by a company incorporated in the United Kingdom;

“the Exchange” means the London Stock Exchange;

“member” in relation to London Stock Exchange plc means a person approved by the Board of directors as a participant;

“nominee” means a person whose business is or includes holding equity securities as a nominee for x-clear acting in its capacity as a person providing clearing services in connection with a transaction made on the Exchange, or as a nominee for a clearing participant (as the case may be);

“non-clearing participant” means a participant other than a clearing participant;

“participant” means a participant in the Exchange;

“section 117” means section 117 of the Finance Act 1991;

“x-clear” means SIS x-clear Aktiengesellschaft, a company registered in Switzerland which is a recognised clearing house under the Financial Services and Markets Act 2000(3).

(1)

The London Stock Exchange plc is a recognised investment exchange which is prescribed for the purposes of section 117 of the Finance Act 1991 (c. 31) by regulation 3(b) of the Stamp Duty Reserve Tax (Investment Exchanges and Clearing Houses) (The London Stock Exchange) Regulations 2001 (S.I. 2001/255).

(2)

1986 c. 41. Subsections (3) to (6A) of section 99 were substituted for subsections (3) to (6) by section 144(2) of the Finance Act 1988 (c. 36). Subsection (6A) was amended by section 113(2) of the Finance Act 1990 (c.29). The whole of Part 4 of the 1986 Act is to be repealed from a date to be appointed (see sections 110 and 111(1) of the 1990 Act.

(3)

2000 c. 8.