{
  "url": "https://openlegislation.uk/stamp-duty-reserve-tax-amendment-no-2-regulations-1999/note",
  "json_url": "https://openlegislation.uk/stamp-duty-reserve-tax-amendment-no-2-regulations-1999/note.json",
  "legislation": "uksi/1999/3264",
  "legislation_title": "The Stamp Duty Reserve Tax (Amendment No. 2) Regulations 1999",
  "legislation_url": "https://openlegislation.uk/stamp-duty-reserve-tax-amendment-no-2-regulations-1999",
  "path": "note",
  "kind": "note",
  "number": null,
  "heading": "Explanatory note",
  "text": "(This note is not part of the Regulations)\nThese Regulations amend the Stamp Duty Reserve Tax Regulations 1986 (“the principal Regulations”).\nThe amendments reflect the introduction by section 122(4) of, and Part II of Schedule 19 to, the Finance Act 1999 of a new charge to stamp duty reserve tax on certain surrenders of units under a unit trust scheme. A similar regime applies to surrenders of shares in open-ended investment companies by virtue of the Stamp Duty and Stamp Duty Reserve Tax (Open-ended Investment Companies) Regulations 1997 (S.I. 1997/1156) as amended by S.I. 1999/3261.\nThe amendments ensure that the managers, or trustees, of unit trusts (or the authorised corporate director of an open-ended investment company, or the company itself) account for and pay stamp duty reserve tax incurred in connection with surrenders. Like the new charges, the amendments have effect in relation to surrenders occurring on or after 6th February 2000.\nRegulation 1 provides for citation, commencement and effect, and regulation 2 for interpretation.\nRegulation 3 amends existing, and inserts new, definitions (including a definition of “surrender”) in regulation 2 of the principal Regulations.\nRegulation 4 inserts a new regulation 2A in the principal Regulations.\nRegulation 5 amends regulation 3 of the principal Regulations so that it refers to stamp duty reserve tax charged under paragraph 2(1) of Schedule 19 to the Finance Act 1999.\nRegulation 6 amends regulation 4(1) of the principal Regulations in consequence of the insertion by regulation 7 of new regulation 4B in the principal Regulations.\nRegulation 7 inserts a new regulation 4B in the principal Regulations relating to the accountability for stamp duty reserve tax of the manager and trustees (or the authorised corporate director and the open-ended investment company).\nRegulations 8 to 11 amend regulations 6, 7, 13 and 14 of the principal Regulations in consequence of the new charge to stamp duty reserve tax on surrenders and the accountability of the manager and trustees (or the authorised corporate director and the open-ended investment company).\nRegulation 12 amends the Table in Part I of the Schedule to the principal Regulations by amending the entries relating to sections 93, 95, 98 and 99 of the Taxes Management Act 1970 (“the Management Act”). The amendments reflect the accountability of the manager and trustees (or the authorised corporate director and open-ended investment company).\nRegulation 13 amends Part II of the Schedule to the principal Regulations by amending sections 93, 95, 98 and 99 of the Management Act as modified.",
  "extent": null,
  "status": null,
  "version": "current",
  "annotations": [],
  "outstanding_effects": [],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/uksi/1999/3264/note",
    "retrieved_at": "2026-10-29T09:32:55.070251+00:00"
  },
  "licence": "Open Government Licence v3.0",
  "licence_url": "https://www.nationalarchives.gov.uk/doc/open-government-licence/version/3/",
  "attribution": "Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives."
}