The Stamp Duty and Stamp Duty Reserve Tax (Collective Investment Schemes) (Exemptions) Regulations 2013

• Citation: S.I. 2013/1401
• Sections: 5

Section 1 Citation and commencement

These Regulations may be cited as the Stamp Duty and Stamp Duty Reserve Tax (Collective Investment Schemes) (Exemptions) Regulations 2013 and come into force on 28th June 2013

Section 2 Amendment of Part IV of the Finance Act 1986

Part IV of the Finance Act 1986 (stamp duty reserve tax) is amended as follows.

Section 3 Amendment of Part IV of the Finance Act 1986

After section 90(7A) insert—

(7B) Section 87 above does not apply as regards—

(a) an agreement to transfer chargeable securities—

(i) to a depositary under an authorised contractual scheme, to be held as part of the property subject to the scheme, in exchange for the issue of units in the scheme (and for no other consideration);

(ii) between depositaries under the same authorised contractual scheme;

(b) an agreement to transfer units in an authorised contractual scheme.

(7C) In subsection 7(B), “authorised contractual scheme” has the meaning given in section 237(3) of the Financial Services and Markets Act 2000 and “depositary” and “units” have the meaning given in section 237(2) of that Act.

(7D) Subsection (7B) shall not apply where the agreement forms part of arrangements of which the main purpose, or one of the main purposes, is the avoidance of stamp duty or stamp duty reserve tax.

Section 4 Amendment of Part IV of Schedule 13 to the Finance Act 1999

Part IV of Schedule 13 (stamp duty: general exemptions) to the Finance Act 1999 is amended as follows.

Section 5 Amendment of Part IV of Schedule 13 to the Finance Act 1999

After paragraph 25 insert—

(25A)

(1) Subject to sub-paragraph (3), stamp duty is not chargeable under this Schedule on —

(a) the transfer of stock, marketable securities or an interest in a partnership to a depositary under an authorised contractual scheme, to be held as part of the property subject to the scheme, in exchange for the issue of units in the scheme (and for no other consideration);

(b) transfers between depositaries under the same authorised contractual scheme;

(c) the transfer of units in an authorised contractual scheme.

(2) In sub-paragraph (1), “authorised contractual scheme” has the meaning given in section 237(3) of the Financial Services and Markets Act 2000 and “depositary” and “units” have the meaning given in section 237(2) of that Act.

(3) This paragraph shall not apply where the transfer forms part of arrangements of which the main purpose, or one of the main purposes, is the avoidance of stamp duty or stamp duty reserve tax.