{
  "url": "https://openlegislation.uk/stamp-duty-reserve-tax-amendment-regulations-1997/note",
  "json_url": "https://openlegislation.uk/stamp-duty-reserve-tax-amendment-regulations-1997/note.json",
  "legislation": "uksi/1997/2430",
  "legislation_title": "The Stamp Duty Reserve Tax (Amendment) Regulations 1997",
  "legislation_url": "https://openlegislation.uk/stamp-duty-reserve-tax-amendment-regulations-1997",
  "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 (S.I. 1986/1711) (“the principal Regulations”).\nApart from an amendment of a drafting nature, the amendments reflect recent developments in market structure in connection with share transfers on investment exchanges. The amendments also reflect the introduction of an alternative system of share transfers known as CREST, by means of which the transfer is effected electronically rather than by a paper document. The amendments ensure that the operator of CREST or a similar electronic system, and the operator of a recognised investment exchange or EEA regulated market of which a party to an electronic transfer is a member, is liable to collect and pay stamp duty reserve tax (“SDRT”) incurred in connection with chargeable transactions.\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 “operator”) in regulation 2 of the principal Regulations.\nRegulation 4 amends regulation 4(1) of the principal Regulations (liability of “accountable person”) in consequence of the new regulation 4A inserted by regulation 5.\nRegulation 5 inserts a new regulation 4A in the principal Regulations relating to the accountability for SDRT of the operator of an electronic share transfer system or of a recognised investment exchange or EEA regulated market (“the operator”).\nRegulations 6, 7, 9 and 10 amend regulations 6, 7, 13 and 15 of the principal Regulations in consequence of the accountability for SDRT of the operator.\nRegulation 8 makes an amendment of a drafting nature to regulation 8 of the principal Regulations.\nRegulations 11 and 12 amend sections 25, 93, 95, 98 and 99 of the Taxes Management Act 1970 in consequence of the accountability for SDRT of the operator.",
  "extent": null,
  "status": null,
  "version": "current",
  "annotations": [],
  "outstanding_effects": [],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/uksi/1997/2430/note",
    "retrieved_at": "2026-10-29T11:50:41.064673+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."
}