Amendments to the Stamp Duty Reserve Tax Regulations 1986

2.—(1) The Stamp Duty Reserve Tax Regulations 1986(1) are amended as follows.

(2) In regulation 2—

(a) in the definition of “accountable date”—

(i) omit paragraph (d);

(ii) omit the “and” at the end of paragraph (c); and

(iii) insert an “and” at the end of paragraph (b).

(b) in the definition of “accountable person”—

(i) omit paragraphs (f) and (g);

(ii) omit the “and” at the end of paragraph (e); and

(iii) insert an “and” at the end of paragraph (d).

(c) omit the definitions of—

(i) “authorised corporate director”;

(ii) “open-ended investment company”;

(iii) “relevant two-week period”;

(iv) “surrender”;

(v) “unit”; and

(vi) “unit trust scheme”.

(3) Omit regulation 2A.

(4) In regulation 3, omit “, or under paragraph 2(1) of Schedule 19 to the Finance Act 1999,”.

(5) In regulation 4—

(a) omit the “or” at the end of paragraph (3)(a); and

(b) omit paragraph (3)(b).

(6) Omit regulation 4B.

(7) In regulation 6—

(a) in paragraph (1), omit “or surrender” wherever it occurs;

(b) in paragraph (4), omit “or surrender”;

(c) in paragraph (4)(a), for “4, 4A, or 4B” substitute “4 or 4A”; and

(d) in paragraph (6), omit “, and, where appropriate, Part II of Schedule 19 to the Finance Act 1999”.

(8) In regulation 7—

(a) at the end of paragraph (a), omit “, or”;

(b) omit paragraph (b); and

(c) for “4, 4A or 4B” substitute “4 or 4A”.

(9) In regulation 12(3), for “to (4B)” substitute “and (4A)”.

(10) In regulation 13—

(a) in paragraph (1)—

(i) omit “or surrender”; and

(ii) for “4, 4A or 4B” substitute “4 or 4A”.

(b) in paragraph (2)—

(i) omit “or under paragraph 2(1) of Schedule 19 to the Finance Act 1999,”; and

(ii) for “4, 4A or 4B” substitute “4 or 4A”.

(11) In regulation 14(1), omit “or surrender”.

(12) In the Table in Part I of the Schedule (which applies the provisions of the Taxes Management Act 1970(2) specified in the first column of that Table subject to any modification specified in the second column of that Table)—

(a) in the entries relating to sections 49C and 49F, omit “, and, where appropriate, Part II of Schedule II to the Finance Act 1999”;

(b) in the entries relating to sections 93(1)(3), 95(1)(a)(4) and 99(5) for “4, 4A or 4B” substitute “4 or 4A”; and

(c) in the entry relating to section 98(6) in the second column of the Table for “4, 4A and 4B” substitute “4 and 4A”.

(13) In Part II of the Schedule—

(a) in sections 49C and 49F (as so modified) omit “, and, where appropriate, Part II of Schedule II to the Finance Act 1999”;

(b) in sections 93(1), 95(1)(a) and 99 (as so modified) for “4, 4A or 4B” substitute “4 or 4A”; and

(c) in the second column of the Table in section 98 (as so modified) for “4, 4A and 4B” substitute “4 and 4A”.

(1)

S.I. 1986/1711; relevant amending instruments are S.I. 1993/3110, 1994/1813, 1997/2430, 1999/2383, 1999/3264, 2009/56.

(2)

1970 c. 9.

(3)

Section 93(1) was substituted by paragraph 25 of Schedule 19 to the Finance Act 1994 (c. 9).

(4)

Section 95(1) was amended by section 148 of the Finance Act 1988 (c. 39), section 163(1)(a) of the Finance Act 1989 (c. 26), and paragraph 27 of Schedule 19 to the Finance Act 1994 (c. 9).

(5)

Section 99 was substituted by section 66 of the Finance Act 1989 (c. 26).

(6)

Section 98 was amended by section 164 of the Finance Act 1989 (c. 26) and section 68(3) of the Finance Act 1990 (c. 29).