Regulation 4 Exceptions to regulation 3
The exemption from stamp duties in regulation 3 does not apply where—
in a case to which regulation 3(a) applies, at the time the capital market arrangement was entered into, regulation 6 of the Risk Transformation (Tax) Regulations 2017f1 (removal of special tax treatment) applied to the qualifying transformer vehicle;
in a case to which regulation 3(b) applies, at the time the capital market arrangement was entered into, regulation 14 of the Taxation of Securitisation Companies Regulations 2006 (corporation tax charge) did not apply to the note-issuing company.
Subject to paragraph (3), the exemption from stamp duties in regulation 3 also does not apply to the transfer of a capital market investment issued as part of a capital market arrangement which carries a right (exercisable at any time) of conversion into other securities, or to the acquisition of other securities.
Paragraph (2) does not apply to a right of conversion solely into, or to the acquisition of, securities which are capital market investments issued as part of a capital market arrangement by the same qualifying transformer vehicle or note-issuing company.
Annotations
Footnotes
- f1