# The Private Intermittent Securities and Capital Exchange System (Exemption from Stamp Duties) Regulations 2025, Note: Explanatory note


(This note is not part of the Regulations)
These Regulations provide an exemption from all stamp duties on the transfer of a PISCES share in connection with trading activity that takes place on a PISCES under the PISCES sandbox arrangements described in regulation 3(2) of the Financial Services and Markets Act 2023 (Private Intermittent Securities and Capital Exchange System Sandbox) Regulations 2025 (‘the PISCES Sandbox Regulations’). The PISCES Sandbox Regulations have effect as an FMI sandbox within the meaning of section 13 of the Financial Services and Markets Act 2023 (c. 29). A PISCES is a new kind of share-trading system that will allow private companies to have their shares traded intermittently and is defined in regulation 3(3) of the PISCES Sandbox Regulations.
A Tax Information and Impact Note covering this instrument was published on 30th October 2024, and is available on the government website at https://www.gov.uk/government/collections/tax-information-and-impact-notes-tiins. It remains an accurate summary of the impacts that apply to this instrument.

---
Source: https://www.legislation.gov.uk/uksi/2025/666/note (the official version)
Page: https://openlegislation.uk/private-intermittent-securities-and-capital-exchange-system-exemption-from-stamp-duties-regulations-2025/note
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.