# The Private Intermittent Securities and Capital Exchange System (Exemption from Stamp Duties) Regulations 2025, Regulation 2: Exemption from stamp duties


(1) The transfer of a PISCES share in connection with trading activity that takes place on a PISCES under the PISCES sandbox arrangements is exempt from all stamp duties.
(2) In this regulation—
“PISCES” has the meaning given in regulation 3(3) of the PISCES Sandbox Regulations;
“PISCES sandbox arrangements” has the meaning given in regulation 3(2) of the PISCES Sandbox Regulations;
“PISCES Sandbox Regulations” means the Financial Services and Markets Act 2023 (Private Intermittent Securities and Capital Exchange System Sandbox) Regulations 2025;
“PISCES share” has the meaning given in regulation 2 of the PISCES Sandbox Regulations.

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Source: https://www.legislation.gov.uk/uksi/2025/666/regulation/2 (the official version)
Page: https://openlegislation.uk/private-intermittent-securities-and-capital-exchange-system-exemption-from-stamp-duties-regulations-2025/regulation-2
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.