7.  For the purposes of section 234(3)(c)(ii) of the Inheritance Tax Act 1984 the description of a company is a company in an EEA State F1 ... which—

(a) holds itself out at all normal times, in compliance with the rules of a regulated market F2 ..., as willing to buy and sell securities, stocks and shares at a price specified by it, and

(b) is recognised as doing so by that regulated market.

Textual Amendments

F1 Words in reg. 7 omitted (31.12.2020) by virtue of The Taxes (Amendments) (EU Exit) Regulations 2019 (S.I. 2019/689), regs. 1, 33(3)(a) (with regs. 39-41); 2020 c. 1, Sch. 5 para. 1(1)

F2 Words in reg. 7(a) omitted (31.12.2020) by virtue of The Taxes (Amendments) (EU Exit) Regulations 2019 (S.I. 2019/689), regs. 1, 33(3)(b) (with regs. 39-41); 2020 c. 1, Sch. 5 para. 1(1)