The Stamp Duty Reserve Tax (virt-x Exchange Limited) (Amendment) Regulations 2003

• Citation: S.I. 2003/2078
• Sections: 5

Section 1 Citation and commencement

These Regulations may be cited as the Stamp Duty Reserve Tax (virt-x Exchange Limited) (Amendment) Regulations 2003 and shall come into force on 17th November 2003.

Section 2 Amendment of the Stamp Duty Reserve Tax (virt-x Exchange Limited) Regulations 1995

Amend the Stamp Duty Reserve Tax (virt-x Exchange Limited) Regulations 1995 as follows.

Section 3 Amendment of the Stamp Duty Reserve Tax (virt-x Exchange Limited) Regulations 1995

(1) Amend regulation 2 as follows.

(2) In the definition of “clearing participant”—

(a) for “The London Clearing House Limited” substitute “a relevant clearing service”;

(b) for “that clearing house” substitute “the relevant clearing service”.

(3) In the definition of “nominee” for “The London Clearing House Limited” substitute “a relevant clearing service”.

(4) After the definition of “participant” insert—

“relevant clearing service” means—

The London Clearing House Limited; or

SIS x-clear Aktiengesellschaft for as long as it is a member (as defined by this regulation);

Section 4 Amendment of the Stamp Duty Reserve Tax (virt-x Exchange Limited) Regulations 1995

(1) Amend regulation 4 as follows.

(2) In paragraph (2)(a)—

(a) in paragraph (iii)—

(i) for “The London Clearing House Limited” substitute “a relevant clearing service”;

(ii) for “that clearing house” substitute “a relevant clearing service”.

(b) in paragraph (iv)—

(i) for “The London Clearing House Limited” (in the first place it appears) substitute “a relevant clearing service”;

(ii) for “that clearing house” (in the first place it appears) substitute “a relevant clearing service”;

(iii) for “The London Clearing House Limited” (in the second place it appears) substitute “the relevant clearing service”;

(iv) for “that clearing house” (in the second place it appears) substitute “the relevant clearing service”;

(c) in paragraph (v)—

(i) for “The London Clearing House Limited” substitute “a relevant clearing service”;

(ii) for “that clearing house” substitute “a relevant clearing service”.

(3) In paragraph (3)(b)—

(a) for “The London Clearing House Limited” substitute “a relevant clearing service”;

(b) for “that clearing house” substitute “a relevant clearing service”.

Section 5 Amendment of the Stamp Duty Reserve Tax (virt-x Exchange Limited) Regulations 1995

In regulation 5(2) for “The London Clearing House Limited” substitute “the relevant clearing service of which the clearing participant is a member”.