Explanatory note

These Regulations provide exemption in certain circumstances from the bond washing provisions in section 732 of the Income and Corporation Taxes Act 1988 for dealers in securities on the newly established Exchange known as Tradepoint who are clearing participants in that Exchange, and for The London Clearing House Limited through whom transactions in Tradepoint are cleared.

Regulation 1 provides for citation and commencement, and regulation 2 contains definitions.

Regulation 3 prescribes the persons who will be exempt from section 732(1) of the 1988 Act and the date from which the exemption runs.

Regulation 4 prescribes the circumstances in which section 732(1) shall not apply.