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You are here: BAILII >> Databases >> United Kingdom Statutory Instruments >> The Stamp Duty and Stamp Duty Reserve Tax (Cassa Di Compensazione E Garanzia S.p.A.) Regulations 2011 No. 2205 URL: http://www.bailii.org/uk/legis/num_reg/2011/uksi_20112205_en_1.html |
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Statutory Instruments
Stamp Duty
Stamp Duty Reserve Tax
Made
6th September 2011
Laid before the House of Commons
7th September 2011
Coming into force
3rd October 2011
The Treasury make the following Regulations in exercise of the powers conferred by sections 116 and 117 of the Finance Act 1991(1).
1.-(1) These Regulations may be cited as the Stamp Duty and Stamp Duty Reserve Tax (Cassa Di Compensazione E Garanzia S.p.A.) Regulations 2011 and come into force on 3rd October 2011.
(2) These Regulations have effect-
(a)for the purposes of the charge to stamp duty, in relation to instruments executed on or after 3rd October 2011;
(b)for the purposes of the charge to stamp duty reserve tax-
(i)in the case of agreements to transfer traded securities or options which are not conditional, in relation to agreements made on or after 3rd October 2011;
(ii)in the case of agreements to transfer traded securities or options which are conditional, in relation to agreements where the condition is satisfied on or after 3rd October 2011.
2. In these Regulations-
"CC&G" means Cassa Di Compensazione E Garanzia S.p.A .(2);
"clearing participant" means a member of CC&G who as such is permitted by the Rules of CC&G to clear facility transactions and/or over the counter transactions;
"client" means a person who gives instructions to a non-clearing firm for traded securities or options to be sold in a facility transaction or an over the counter transaction;
"facility" means a recognised investment exchange within the meaning of sections 116(4)(b) and 117(3) of the Finance Act 1991;
"facility transaction" means a transaction in traded securities or options that is made on or reported to a recognised investment exchange;
"nominee" means, save in relation to a non-clearing firm or its client (regulation 4(3)(b) and (e)), a person whose business is or includes holding traded securities or options as a nominee for CC&G, or another prescribed recognised clearing house, acting in its capacity as a person providing clearing services in connection with an over the counter transaction or a facility transaction, or as a nominee for a clearing participant;
"non-clearing firm" means a person other than a clearing participant who has an agreement with a clearing participant to clear over the counter transactions or facility transactions or both;
"option" means an option to buy or sell traded securities;
"over the counter transaction" means a transaction in traded securities or options made other than on a recognised investment exchange";
"traded securities" means stocks and shares which are issued or raised by a body corporate but does not include stocks and shares issued or raised by a body corporate not incorporated in the United Kingdom unless-
the stocks and shares are registered in a register kept in the United Kingdom by or on behalf of the body corporate; or
in the case of shares, they are paired, within the meaning of section 99(6A) of the Finance Act 1986(3), with shares issued by a body corporate incorporated in the United Kingdom.
3. For the purposes of sections 116 and 117 of the Finance Act 1991 CC&G is prescribed as a recognised clearing house.
4.-(1) In the circumstances prescribed by paragraph (2), the charges to stamp duty and stamp duty reserve tax shall be treated as not arising.
(2) The circumstances prescribed are where, in connection with a facility transaction or an over the counter transaction (excluding transactions that come within section 80C and 89AA of the Finance Act 1986(4)), conditions A, B and C are met.
(3) Condition A is that traded securities or options are transferred, or agreed to be transferred, from-
(a)a clearing participant or its nominee to another clearing participant or its nominee;
(b)a non-clearing firm or its client, or nominee of a non-clearing firm or its client, to a clearing participant or its nominee;
(c)a clearing participant or its nominee to CC&G or its nominee;
(d)a person other than a clearing participant to CC&G or its nominee, as a result of a failure by a clearing participant to fulfil its obligations in respect of the transaction concerned to transfer traded securities or options to CC&G, or its nominee;
(e)a person other than a clearing participant to a clearing participant or its nominee as a result of a failure by a non-clearing firm or its client, or nominee of a non-clearing firm or its client or by another clearing participant or its nominee to fulfil its obligations in respect of the transaction concerned to transfer traded securities or options to that clearing participant or its nominee;
(f)a prescribed recognised clearing house or its nominee to CC&G or its nominee; or
(g)CC&G or its nominee to a clearing participant or its nominee.
(4) Condition B is that the person to whom those securities or options are agreed to be transferred under any of the agreements specified in paragraph (3) ("the relevant agreement") is required on receipt of those securities or options to transfer traded securities or options under a matching agreement to another person or, in the case of an agreement falling within paragraph (3)(d) or (3)(e), would have been so required if the failure referred to in those paragraphs had not occurred.
(5) Condition C is that where traded securities or options which are the subject of the relevant agreement are received by a clearing participant, the agreement must be identified by the clearing participant as an agreement that has been made solely in relation to the clearing of those traded securities or options on behalf of a third party.
(6) In this regulation "matching agreement" means an agreement under which-
(i)the traded securities or options agreed to be transferred are of the same kind as the traded securities or options agreed to be transferred under the relevant agreement; and
(ii)the number and transfer price of the traded securities or options agreed to be transferred are in total identical to the number and transfer price of the traded securities or options agreed to be transferred under the relevant agreement.
Jeremy Wright
Angela Watkinson
Two of the Lords Commissioners of Her Majesty's Treasury
6th September 2011
(This note is not part of the Regulation)
These Regulations give relief from stamp duty and stamp duty reserve tax ("SDRT") to certain transfers of, or agreements to transfer, traded securities or options made in the course of trading in those traded securities or options either on a facility or over the counter. The transfers and agreements eligible for relief are those involving Cassa Di Compensazione E Garanzia S.p.A. ("CC&G"), and its nominees, (through whom transactions on the facility are cleared) or clearing participants of CC&G and its nominees.
Regulation 1 provides for citation, commencement and effect, and regulation 2 contains definitions.
Regulation 3 prescribes CC&G as a recognised clearing house for the purpose of the relief.
Regulation 4 prescribes the circumstances in which stamp duty and SDRT will not be charged.
In line with government commitments, a Tax Information and Impact Note has not been prepared for this instrument as no impact on the private or voluntary sectors is foreseen.
1991 c. 31. Section 116(4) was amended by paragraph 5 of Schedule 20 to the Financial Services and Markets Act 2000 (c. 8) and by paragraph 7 of Schedule 21 to the Finance Act 2007 (c. 11). Sections 116(1)(b) and 117(1)(b) were amended by section 65 of the Finance Act 2010 (c. 13).
Casa Di Compensazione E Garanzia S.p.A. is a prescribed recognised clearing house within the meaning of the Financial Services and Markets Act 2000.
1986 c. 41. Section 99(6A) was inserted by section 144 of the Finance Act 1988 (c. 39), and was amended by section 113(2) of the Finance Act 1990 (c. 29).
Sections 80C and 89AA of the Finance Act 1986 (c. 41) relate to stock lending transactions.
Statutory Instruments
Stamp Duty
Stamp Duty Reserve Tax
Made
6th September 2011
Laid before the House of Commons
7th September 2011
Coming into force
3rd October 2011
The Treasury make the following Regulations in exercise of the powers conferred by sections 116 and 117 of the Finance Act 1991(1).
1.-(1) These Regulations may be cited as the Stamp Duty and Stamp Duty Reserve Tax (Cassa Di Compensazione E Garanzia S.p.A.) Regulations 2011 and come into force on 3rd October 2011.
(2) These Regulations have effect-
(a)for the purposes of the charge to stamp duty, in relation to instruments executed on or after 3rd October 2011;
(b)for the purposes of the charge to stamp duty reserve tax-
(i)in the case of agreements to transfer traded securities or options which are not conditional, in relation to agreements made on or after 3rd October 2011;
(ii)in the case of agreements to transfer traded securities or options which are conditional, in relation to agreements where the condition is satisfied on or after 3rd October 2011.
2. In these Regulations-
"CC&G" means Cassa Di Compensazione E Garanzia S.p.A .(2);
"clearing participant" means a member of CC&G who as such is permitted by the Rules of CC&G to clear facility transactions and/or over the counter transactions;
"client" means a person who gives instructions to a non-clearing firm for traded securities or options to be sold in a facility transaction or an over the counter transaction;
"facility" means a recognised investment exchange within the meaning of sections 116(4)(b) and 117(3) of the Finance Act 1991;
"facility transaction" means a transaction in traded securities or options that is made on or reported to a recognised investment exchange;
"nominee" means, save in relation to a non-clearing firm or its client (regulation 4(3)(b) and (e)), a person whose business is or includes holding traded securities or options as a nominee for CC&G, or another prescribed recognised clearing house, acting in its capacity as a person providing clearing services in connection with an over the counter transaction or a facility transaction, or as a nominee for a clearing participant;
"non-clearing firm" means a person other than a clearing participant who has an agreement with a clearing participant to clear over the counter transactions or facility transactions or both;
"option" means an option to buy or sell traded securities;
"over the counter transaction" means a transaction in traded securities or options made other than on a recognised investment exchange";
"traded securities" means stocks and shares which are issued or raised by a body corporate but does not include stocks and shares issued or raised by a body corporate not incorporated in the United Kingdom unless-
the stocks and shares are registered in a register kept in the United Kingdom by or on behalf of the body corporate; or
in the case of shares, they are paired, within the meaning of section 99(6A) of the Finance Act 1986(3), with shares issued by a body corporate incorporated in the United Kingdom.
3. For the purposes of sections 116 and 117 of the Finance Act 1991 CC&G is prescribed as a recognised clearing house.
4.-(1) In the circumstances prescribed by paragraph (2), the charges to stamp duty and stamp duty reserve tax shall be treated as not arising.
(2) The circumstances prescribed are where, in connection with a facility transaction or an over the counter transaction (excluding transactions that come within section 80C and 89AA of the Finance Act 1986(4)), conditions A, B and C are met.
(3) Condition A is that traded securities or options are transferred, or agreed to be transferred, from-
(a)a clearing participant or its nominee to another clearing participant or its nominee;
(b)a non-clearing firm or its client, or nominee of a non-clearing firm or its client, to a clearing participant or its nominee;
(c)a clearing participant or its nominee to CC&G or its nominee;
(d)a person other than a clearing participant to CC&G or its nominee, as a result of a failure by a clearing participant to fulfil its obligations in respect of the transaction concerned to transfer traded securities or options to CC&G, or its nominee;
(e)a person other than a clearing participant to a clearing participant or its nominee as a result of a failure by a non-clearing firm or its client, or nominee of a non-clearing firm or its client or by another clearing participant or its nominee to fulfil its obligations in respect of the transaction concerned to transfer traded securities or options to that clearing participant or its nominee;
(f)a prescribed recognised clearing house or its nominee to CC&G or its nominee; or
(g)CC&G or its nominee to a clearing participant or its nominee.
(4) Condition B is that the person to whom those securities or options are agreed to be transferred under any of the agreements specified in paragraph (3) ("the relevant agreement") is required on receipt of those securities or options to transfer traded securities or options under a matching agreement to another person or, in the case of an agreement falling within paragraph (3)(d) or (3)(e), would have been so required if the failure referred to in those paragraphs had not occurred.
(5) Condition C is that where traded securities or options which are the subject of the relevant agreement are received by a clearing participant, the agreement must be identified by the clearing participant as an agreement that has been made solely in relation to the clearing of those traded securities or options on behalf of a third party.
(6) In this regulation "matching agreement" means an agreement under which-
(i)the traded securities or options agreed to be transferred are of the same kind as the traded securities or options agreed to be transferred under the relevant agreement; and
(ii)the number and transfer price of the traded securities or options agreed to be transferred are in total identical to the number and transfer price of the traded securities or options agreed to be transferred under the relevant agreement.
Jeremy Wright
Angela Watkinson
Two of the Lords Commissioners of Her Majesty's Treasury
6th September 2011
(This note is not part of the Regulation)
These Regulations give relief from stamp duty and stamp duty reserve tax ("SDRT") to certain transfers of, or agreements to transfer, traded securities or options made in the course of trading in those traded securities or options either on a facility or over the counter. The transfers and agreements eligible for relief are those involving Cassa Di Compensazione E Garanzia S.p.A. ("CC&G"), and its nominees, (through whom transactions on the facility are cleared) or clearing participants of CC&G and its nominees.
Regulation 1 provides for citation, commencement and effect, and regulation 2 contains definitions.
Regulation 3 prescribes CC&G as a recognised clearing house for the purpose of the relief.
Regulation 4 prescribes the circumstances in which stamp duty and SDRT will not be charged.
In line with government commitments, a Tax Information and Impact Note has not been prepared for this instrument as no impact on the private or voluntary sectors is foreseen.
1991 c. 31. Section 116(4) was amended by paragraph 5 of Schedule 20 to the Financial Services and Markets Act 2000 (c. 8) and by paragraph 7 of Schedule 21 to the Finance Act 2007 (c. 11). Sections 116(1)(b) and 117(1)(b) were amended by section 65 of the Finance Act 2010 (c. 13).
Casa Di Compensazione E Garanzia S.p.A. is a prescribed recognised clearing house within the meaning of the Financial Services and Markets Act 2000.
1986 c. 41. Section 99(6A) was inserted by section 144 of the Finance Act 1988 (c. 39), and was amended by section 113(2) of the Finance Act 1990 (c. 29).
Sections 80C and 89AA of the Finance Act 1986 (c. 41) relate to stock lending transactions.
Statutory Instruments
Stamp Duty
Stamp Duty Reserve Tax
Made
6th September 2011
Laid before the House of Commons
7th September 2011
Coming into force
3rd October 2011
The Treasury make the following Regulations in exercise of the powers conferred by sections 116 and 117 of the Finance Act 1991(1).
1.-(1) These Regulations may be cited as the Stamp Duty and Stamp Duty Reserve Tax (Cassa Di Compensazione E Garanzia S.p.A.) Regulations 2011 and come into force on 3rd October 2011.
(2) These Regulations have effect-
(a)for the purposes of the charge to stamp duty, in relation to instruments executed on or after 3rd October 2011;
(b)for the purposes of the charge to stamp duty reserve tax-
(i)in the case of agreements to transfer traded securities or options which are not conditional, in relation to agreements made on or after 3rd October 2011;
(ii)in the case of agreements to transfer traded securities or options which are conditional, in relation to agreements where the condition is satisfied on or after 3rd October 2011.
2. In these Regulations-
"CC&G" means Cassa Di Compensazione E Garanzia S.p.A .(2);
"clearing participant" means a member of CC&G who as such is permitted by the Rules of CC&G to clear facility transactions and/or over the counter transactions;
"client" means a person who gives instructions to a non-clearing firm for traded securities or options to be sold in a facility transaction or an over the counter transaction;
"facility" means a recognised investment exchange within the meaning of sections 116(4)(b) and 117(3) of the Finance Act 1991;
"facility transaction" means a transaction in traded securities or options that is made on or reported to a recognised investment exchange;
"nominee" means, save in relation to a non-clearing firm or its client (regulation 4(3)(b) and (e)), a person whose business is or includes holding traded securities or options as a nominee for CC&G, or another prescribed recognised clearing house, acting in its capacity as a person providing clearing services in connection with an over the counter transaction or a facility transaction, or as a nominee for a clearing participant;
"non-clearing firm" means a person other than a clearing participant who has an agreement with a clearing participant to clear over the counter transactions or facility transactions or both;
"option" means an option to buy or sell traded securities;
"over the counter transaction" means a transaction in traded securities or options made other than on a recognised investment exchange";
"traded securities" means stocks and shares which are issued or raised by a body corporate but does not include stocks and shares issued or raised by a body corporate not incorporated in the United Kingdom unless-
the stocks and shares are registered in a register kept in the United Kingdom by or on behalf of the body corporate; or
in the case of shares, they are paired, within the meaning of section 99(6A) of the Finance Act 1986(3), with shares issued by a body corporate incorporated in the United Kingdom.
3. For the purposes of sections 116 and 117 of the Finance Act 1991 CC&G is prescribed as a recognised clearing house.
4.-(1) In the circumstances prescribed by paragraph (2), the charges to stamp duty and stamp duty reserve tax shall be treated as not arising.
(2) The circumstances prescribed are where, in connection with a facility transaction or an over the counter transaction (excluding transactions that come within section 80C and 89AA of the Finance Act 1986(4)), conditions A, B and C are met.
(3) Condition A is that traded securities or options are transferred, or agreed to be transferred, from-
(a)a clearing participant or its nominee to another clearing participant or its nominee;
(b)a non-clearing firm or its client, or nominee of a non-clearing firm or its client, to a clearing participant or its nominee;
(c)a clearing participant or its nominee to CC&G or its nominee;
(d)a person other than a clearing participant to CC&G or its nominee, as a result of a failure by a clearing participant to fulfil its obligations in respect of the transaction concerned to transfer traded securities or options to CC&G, or its nominee;
(e)a person other than a clearing participant to a clearing participant or its nominee as a result of a failure by a non-clearing firm or its client, or nominee of a non-clearing firm or its client or by another clearing participant or its nominee to fulfil its obligations in respect of the transaction concerned to transfer traded securities or options to that clearing participant or its nominee;
(f)a prescribed recognised clearing house or its nominee to CC&G or its nominee; or
(g)CC&G or its nominee to a clearing participant or its nominee.
(4) Condition B is that the person to whom those securities or options are agreed to be transferred under any of the agreements specified in paragraph (3) ("the relevant agreement") is required on receipt of those securities or options to transfer traded securities or options under a matching agreement to another person or, in the case of an agreement falling within paragraph (3)(d) or (3)(e), would have been so required if the failure referred to in those paragraphs had not occurred.
(5) Condition C is that where traded securities or options which are the subject of the relevant agreement are received by a clearing participant, the agreement must be identified by the clearing participant as an agreement that has been made solely in relation to the clearing of those traded securities or options on behalf of a third party.
(6) In this regulation "matching agreement" means an agreement under which-
(i)the traded securities or options agreed to be transferred are of the same kind as the traded securities or options agreed to be transferred under the relevant agreement; and
(ii)the number and transfer price of the traded securities or options agreed to be transferred are in total identical to the number and transfer price of the traded securities or options agreed to be transferred under the relevant agreement.
Jeremy Wright
Angela Watkinson
Two of the Lords Commissioners of Her Majesty's Treasury
6th September 2011
(This note is not part of the Regulation)
These Regulations give relief from stamp duty and stamp duty reserve tax ("SDRT") to certain transfers of, or agreements to transfer, traded securities or options made in the course of trading in those traded securities or options either on a facility or over the counter. The transfers and agreements eligible for relief are those involving Cassa Di Compensazione E Garanzia S.p.A. ("CC&G"), and its nominees, (through whom transactions on the facility are cleared) or clearing participants of CC&G and its nominees.
Regulation 1 provides for citation, commencement and effect, and regulation 2 contains definitions.
Regulation 3 prescribes CC&G as a recognised clearing house for the purpose of the relief.
Regulation 4 prescribes the circumstances in which stamp duty and SDRT will not be charged.
In line with government commitments, a Tax Information and Impact Note has not been prepared for this instrument as no impact on the private or voluntary sectors is foreseen.
1991 c. 31. Section 116(4) was amended by paragraph 5 of Schedule 20 to the Financial Services and Markets Act 2000 (c. 8) and by paragraph 7 of Schedule 21 to the Finance Act 2007 (c. 11). Sections 116(1)(b) and 117(1)(b) were amended by section 65 of the Finance Act 2010 (c. 13).
Casa Di Compensazione E Garanzia S.p.A. is a prescribed recognised clearing house within the meaning of the Financial Services and Markets Act 2000.
1986 c. 41. Section 99(6A) was inserted by section 144 of the Finance Act 1988 (c. 39), and was amended by section 113(2) of the Finance Act 1990 (c. 29).
Sections 80C and 89AA of the Finance Act 1986 (c. 41) relate to stock lending transactions.
