Explanatory note

These Regulations provide an exemption from all stamp duties on the transfer of capital market investments issued as part of capital market arrangements by qualifying transformer vehicles and specified securitisation companies.

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

Regulation 3 exempts from all stamp duties instruments which transfer capital market investments issued as part of capital market arrangements by note-issuing securitisation companies and qualifying transformer vehicles.

Regulation 4 provides for exceptions from regulation 3; paragraph (1) excludes from the stamp duties exemption cases where the special tax treatment rules for securitisation companies or qualifying transformer vehicles do not apply, and paragraphs (2) and (3) exclude cases where the transfer carries conversion or acquisition rights, other than rights of conversion into, or acquisition of, the same type of investment issued by the same body.

A Tax Information and Impact Note covering this instrument was published on 30th November 2021 alongside the consultation draft of these Regulations, 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.