The Stamp Duty Reserve Tax (UK Depositary Interests in Foreign Securities) Regulations 1999

These Regulations may be cited as the Stamp Duty Reserve Tax (UK Depositary Interests in Foreign Securities) Regulations 1999 and shall come into force on 25th August 1999.

In these Regulations–

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

• “collective investment scheme” has the meaning given by section 75 of the Financial Services Act 19863;

• “depositary interest” means a security which–

  1. a

     consists of the rights of a person in or relating to securities of a particular kind which, or entitlements to which, are held on trust for the benefit of that person by another person, and

  2. b

     under the terms of its issue, can only be transferred in accordance with regulations under section 207 of the Companies Act 19894 (transfer of securities without written instrument) or by means of a transfer within section 186(1) of the Finance Act 19965 (transfer of securities to member of electronic transfer system);

• “foreign securities” means securities falling within the definition of “securities” in regulation 3(1) of the Uncertificated Securities Regulations 19956 which–

  1. a

     are issued or raised by a body corporate that is not incorporated, and whose central management and control is not exercised, in the United Kingdom;

  2. b

     are not registered in a register kept in the United Kingdom by or on behalf of the body corporate by which they are issued or raised;

  3. c

     are not units or shares in, or do not otherwise represent rights relating to, a collective investment scheme; and

  4. d

     are of the same class in the body corporate as securities which are listed on a recognised stock exchange overseas;

• “the Management Act” means the Taxes Management Act 19707;

• “operator” has the meaning given by regulation 2 of the principal Regulations;

• “recognised stock exchange overseas” means any stock exchange which is–

  1. a

     outside the United Kingdom, and

  2. b

     for the time being designated for the purposes of section 841 of the Income and Corporation Taxes Act 19888 as a recognised stock exchange by order made by the Board under that section;

• “the principal Regulations” means the Stamp Duty Reserve Tax Regulations 19869;

• “relevant day” has the meaning given by section 87(3) of the Finance Act 1986;

• “the Schedule” means the Schedule to the principal Regulations;

• “UK depositary interest” means a depositary interest which is issued in the United Kingdom or registered on a register kept in the United Kingdom.