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The Stamp Duty and Stamp Duty Reserve Tax (Investment Exchanges and Clearing Houses) Regulations (No.12) 2009
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- 2009 No. 2954
- Explanatory Note
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EXPLANATORY NOTE
(This note is not part of the Regulations)
These Regulations exempt from stamp duty and stamp duty reserve tax (“SDRT”) certain transfers of, or agreements to transfer traded securities made in the course of trading in those securities on the Irish Stock Exchange (“the Exchange”). The transfers and agreements exempted are those involving Eurex Clearing AG (and nominees of that clearing house), through whom transactions on the Exchange are cleared, or clearing participants in Eurex Clearing AG (and their nominees).
Regulation 1 provides for citation, commencement and effect and regulation 2 contains definitions.
Regulation 3 prescribes the Exchange as a recognised investment exchange and Eurex Clearing AG 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.
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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