Explanatory note

These Regulations make amendments to the Stamp Duty (Exempt Instruments) Regulations 1987 (S.I. 1987/516) (“the principal Regulations”). Both the Regulations and the principal Regulations are made under section 87(2) of the Finance Act 1985 (c. 54) which provides that instruments which would otherwise be chargeable with fixed stamp duty under any provision specified in regulations shall not be so charged if they are of a kind of instrument specified in regulations and certified to be of that kind.

The amendments add to the categories of instruments specified in the principal Regulations the category of declarations of trust of life policies. The amendments reflect also the replacement of Schedule 1 to the Stamp Act 1891 (c. 39) by Schedule 13 to the Finance Act 1999 (c. 16).

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

Regulation 3 inserts a new regulation 1A in the principal Regulations containing a definition of “life policy” in the principal Regulations.

Regulation 4 amends regulation 2(2)(a) of the principal Regulations so as to reflect the changes effected by the Finance Act 1999 and to add the provision charging fixed stamp duty on declarations of trust to the specified provisions.

Regulation 5 amends the Schedule to the principal Regulations so as to add declarations of life policies to the categories of specified instruments.