• “accountable date” means—

  1. a

     in relation to a relevant transaction—

     1. i

        in connection with which securities are transferred by means of a relevant system operated by the operator of that system, or

     2. ii

        which is reported by means of a relevant system to a recognised self-regulating organisation, a recognised professional body or an exchange by the operator of that system in a case where the securities to which the transaction relates are not transferred by means of a relevant system, or

     3. iii

        which is reported, otherwise than by means of a relevant system, to an exchange, in a case where the securities to which the transaction relates are not transferred by means of a relevant system,

     the date agreed between the Board and the operator or, if no such date is agreed, the date which is the fourteenth day following the date of the relevant transaction,

  2. b

     in relation to interest on overdue tax arising in connection with a relevant transaction which, by virtue of a party to that transaction being a participant in a relevant system, or a member of an exchange, could have been, but was not, reported to a recognised self-regulating organisation, a recognised professional body or an exchange by means of that system, or to an exchange otherwise than by means of a relevant system, the date which is the fourteenth day following the date of the relevant transaction, and

  3. c

     in relation to a relevant transaction to which neither paragraph (a) nor paragraph (b) applies, the date which is the seventh day of the month following the month in which the charge to tax occasioned by the relevant transaction is incurred;

i

if the person mentioned as B in section 87(1) is a member of an exchange, or if a member of an exchange is acting as an agent for B who is not such a member, that member, and failing that

ii

if the person mentioned as A in section 87(1) is a member of an exchange, or if a member of an exchange is acting as an agent for A who is not such a member, that member, and failing that

• “the Board” means the Commissioners of Inland Revenue;

• “EEA regulated market” means a market of a kind described in paragraphs (a) and (b) of article 2 of the Financial Services Act 1986 (EEA Regulated Markets) (Exemption) Order 19955;

• “exchange” means—

  1. a

     a recognised investment exchange within the meaning given by section 207(1) of the Financial Services Act 19866, or

  2. b

     an EEA regulated market;

• “operator” means—

  1. a

     a person approved by the Treasury under the Treasury Regulations as Operator of a relevant system;

  2. b

     subject to paragraph (c), where a relevant transaction is reported to an exchange otherwise than by means of a relevant system, the operator of that exchange or, if there is no such operator, that exchange;

  3. c

     where a relevant transaction is reported to more than one exchange otherwise than by means of a relevant system, the operator of the exchange of which the party who is the accountable person in relation to that transaction is a member or, if there is no such operator, that exchange;

• “recognised professional body” and “recognised self-regulating organisation” have the meanings given by section 207(1) of the Financial Services Act 1986;

• “relevant system” has the meaning given by regulation 2(1) of the Treasury Regulations;

• “the Treasury Regulations” means the Uncertificated Securities Regulations 19958.