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The Stamp Duty Reserve Tax (Investment Exchanges and Clearing Houses) (The London Stock Exchange) Regulations 2001
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- UK Statutory Instruments
- 2001 No. 255
- Explanatory Note
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Explanatory Note
(This note is not part of the Regulations)
These Regulations exempt from stamp duty reserve tax (“SDRT”) certain agreements to transfer equity securities made in the course of trading in those securities on The London Stock Exchange. The agreements exempted are those involving clearing participants in that Exchange (and nominees of such clearing participants) and The London Clearing House (and a nominee of that clearing house).
Regulation 1 provides for citation and commencement, and regulation 2 for interpretation.
Regulation 3 prescribes, for the purposes of the exemption from SDRT, The London Clearing House as a recognised clearing house and London Stock Exchange plc as a recognised investment exchange.
Regulation 4 prescribes the circumstances in which SDRT will not be charged.
Regulation 5 makes consequential provision to the effect that equity securities which are the subject of a prescribed agreement shall be dealt with by a clearing participant in a separate designated account.
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