(This note is not part of the Regulations)
These Regulations, which come into force on 22nd March 1992, are made under sections 116 and 117 of the Finance Act 1991 which were enacted in consequence of the proposal to merge the London International Financial Futures Exchange and the London Traded Options Market of the London Stock Exchange to form the London International Financial Futures and Options Exchange (“LIFFE”). Section 116 provides that the charge to stamp duty shall be treated as not arising or as reduced in prescribed circumstances, and section 117 makes similar provision with regard to stamp duty reserve tax.
Regulation 1 provides for citation and commencement and regulation 2 for interpretation.
Regulation 3 prescribes for the purposes of sections 116 and 117 the London International Financial Futures Exchange (Administration and Management) as a recognised investment exchange, The London Clearing House Limited as a recognised clearing house, and a description of a member of LIFFE.
Regulation 4 prescribes the circumstances in which transfers of securities to the London Clearing House Limited will be exempt from stamp duty and stamp duty reserve tax.
Regulation 5 prescribes the circumstances in which transfers of securities to members of LIFFE will be exempt from stamp duty.
Regulation 6 prescribes the circumstances in which a charge to stamp duty in connection with the borrowing of securities by members of LIFFE will be treated as reduced.
Regulation 7 prescribes the circumstances in which agreements to transfer securities to members of LIFEE will be exempt from stamp duty reserve tax.
Regulation 8 defines the terms “the Maxlong limit” and “the Maxshort limit” for the purposes of regulations 5 and 7.
Regulation 9 defines the terms “the Deltapluslong limit” and “the Deltaplusshort limit” for the purposes of Regulations 5 and 7.