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The Stamp Duty and Stamp Duty Reserve Tax (Investment Exchanges and Clearing Houses) Regulations (No. 9) 2009
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- 2009 No. 1828
- Explanatory Note
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EXPLANATORY NOTE
(This note is not part of the Regulations)
These Regulations replace the Stamp Duty and Stamp Duty Reserve Tax (Investment Exchanges and Clearing Houses) Regulations 1997/2429. The 1997 Regulations prescribed LIFFE A&M as a recognised investment exchange for the purposes of section 116 and 117 of the Finance Act 1991 and exempted from stamp duty and stamp duty reserve tax (“SDRT”) certain transfers and agreements to transfer traded securities made in the course of trading in those securities on LIFFE (“the Exchange”) where the transfers were cleared by The London Clearing House Limited.
LIFFE A&M is authorised by the FSA to act as a recognised investment exchange capable of providing clearing services. LIFFE A&M will now use this authorisation to act as a “self-clearing” recognised investment exchange. These Regulations exempt from stamp duty and stamp duty reserve tax (“SDRT”) both LIFFE A&M and LCH.Clearnet Limited for certain issues and transfers of, or agreements to issue or transfer traded securities made in the course of trading in those securities on the market operated by LIFFE A&M. The transfers and agreements exempted are those involving LIFFE A&M or LCH.Clearnet Limited (or nominees of LIFFE A&M or LCH.Clearnet Limited), through whom transactions on the Exchange are cleared, or clearing participants in LIFFE A&M or LCH.Clearnet Limited (or their nominees).
Regulation 1 provides for citation, commencement and effect and regulation 2 contains definitions.
Regulation 3 prescribes LIFFE A&M as a recognised investment exchange and LCH.Clearnet Limited as a recognised clearing house for the purpose of the exemption. Regulation 4 prescribes the circumstances in which stamp duty and SDRT will not be charged.
Regulation 5 makes consequential provisions requiring traded securities which are agreed to be transferred in the prescribed circumstances to be dealt with in a separate designated account.
Regulation 6 revokes the 1997/2429 Regulation as respects instruments or agreements in relation to which the present Regulations have effect.
A full and final Impact Assessment has not been produced for this instrument as no impact on the private or voluntary sectors is foreseen.
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