Section 80B Intermediaries: supplementary.

F1For the purposes of section 80A above the question whether a person is connected with another shall be determined in accordance with the provisions of F2section 1122 of the Corporation Tax Act 2010.

In section 80A above and this section—

• “collective investment scheme” has the meaning given in section 75 of the M1Financial Services Act 1986;

• F4“the Directive” means Directive 2004/39/EC of the European Parliament and of the Council of 21 April 2004 on markets in financial instruments, as amended from time to time;

• F5...

• “EEA State” F6, in relation to any time, means a State which at that time is a member State or any other State which at that time is a contracting party to the agreement on the European Economic Area signed at Oporto on the 2nd May 1992 as adjusted by the Protocol signed at Brussels on the 17th March 1993 F7(as modified or supplemented from time to time);

• “insurance business” means long term business or general business as defined in section 1 of the M2Insurance Companies Act 1982;

• F8“multilateral trading facility” means—

  1. a UK multilateral trading facility, within the meaning of Regulation (EU) No. 600/2014 of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments;

  2. an EU multilateral trading facility, within the meaning of that Regulation; or

  3. F9a multilateral system, operated by an investment firm or a market operator, which brings together multiple third-party buying and selling interests in financial instruments (in the system and in accordance with non-discretionary rules) in a way which results in a contract in accordance with Part 2 of the Financial Services (Markets in Financial Instruments) Act 2018 of Gibraltar,

  4. a Gibraltar multilateral trading facility within the meaning given by Article 26(11)(b)(ii) of that Regulation;

  F10...

• “quoted or listed options” means options which are quoted on or listed by F11a multilateral trading facility, a regulated market or a recognised foreign options exchange;

• “regulated market” means—

  1. a UK regulated market, within the meaning of Regulation (EU) No. 600/2014 of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments;

  2. an EU regulated market, within the meaning of that Regulation; or

  3. F12a regulated market, within the meaning of that Regulation, which is authorised and functions regularly and in accordance with Part 3 of the Financial Services (Markets in Financial Instruments) Act 2018 of Gibraltar;

  4. a Gibraltar regulated market within the meaning given by Article 26(11)(b)(i) of that Regulation;

• “stock” includes any marketable security;

• “trustee” and “the operator” shall, in relation to a collective investment scheme, be construed in accordance with section 75(8) of the Financial Services Act 1986.

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

In section 80A above “recognised foreign exchange” means a market which—

In section 80A above and this section “recognised foreign options exchange” means a market which—

In section 80A above “the exercise of a relevant option” means—

F16The Treasury may by regulations amend section 80A above and this section (as they have effect for the time being) in order to extend the exemption from duty under that section.

The Treasury may by regulations provide that section 80A above shall not have effect in relation to instruments executed in pursuance of kinds of agreement specified in the regulations.

The Treasury may by regulations provide that if—

stamp duty shall be chargeable on the instrument at a rate, specified in the regulations, which shall not exceed 10p for every £100 or part of £100 of the consideration for the sale.

The Treasury may by regulations change the meaning of “intermediary” or “options intermediary” for the purposes of section 80A above by amending subsection (4) or (5) of that section (as it has effect for the time being).

The power to make regulations under subsections (3) to (8) above shall be exercisable by statutory instrument subject to annulment in pursuance of a resolution of the House of Commons.