The Stamp Duty Reserve Tax (Finance Act 1999, Schedule 19) (Consequential Amendments) Regulations 2014
S.I. 2014/1932 · Made 21 July 2014
Stamp Duty Reserve Tax
Made 21st July 2014
Laid before the House of Commons 22nd July 2014
Coming into force 14th August 2014
The Treasury make the following Regulations in exercise of the powers conferred by section 98 of the Finance Act 1986f1, section 152 of the Finance Act 1995f2, section 17(3) of the Finance (No.2) Act 2005f3 and section 114(5) of the Finance Act 2014f4.
Annotations to the whole text
Footnotes
- f1
-
1986 c. 41, as amended by section 95 of the Finance Act 1996 (c. 8).
- f2
-
1995 c. 4, as amended by section 122(4), Schedule 19, paragraph 13 to the Finance Act 1999 (c. 16).
- f3
- f4
Contents
- 1Citation, commencement and effect
- 2Amendments to the Stamp Duty Reserve Tax Regulations 1986
- 3Amendments to the Stamp Duty and Stamp Duty Reserve Tax (Open-ended Investment Companies) Regulations 1997
- 4Amendments to the Authorised Investment Funds (Tax) Regulations 2006
- Signature
- Explanatory note
1Citation, commencement and effect
These Regulations may be cited as the Stamp Duty Reserve Tax (Finance Act 1999, Schedule 19) (Consequential Amendments) Regulations 2014 and come into force on 14th August 2014.
The amendments provided by these Regulations have effect in relation to any surrender made or effected on or after 30th March 2014.
In paragraph (2) the reference to “surrender” is to be read in accordance with paragraph 2 of Schedule 19 to the Finance Act 1999f1 (surrender of units to managers) and in accordance with that paragraph as modified in relation to open-ended investment companies by the Stamp Duty and Stamp Duty Reserve Tax (Open-ended Investment Companies) Regulations 1997f2.
2Amendments to the Stamp Duty Reserve Tax Regulations 1986
The Stamp Duty Reserve Tax Regulations 1986f1 are amended as follows.
In regulation 2—
in the definition of “accountable date”—
omit paragraph (d);
omit the “and” at the end of paragraph (c); and
insert an “and” at the end of paragraph (b).
in the definition of “accountable person”—
omit paragraphs (f) and (g);
omit the “and” at the end of paragraph (e); and
insert an “and” at the end of paragraph (d).
omit the definitions of—
“authorised corporate director”;
“open-ended investment company”;
“relevant two-week period”;
“surrender”;
“unit”; and
“unit trust scheme”.
Omit regulation 2A.
In regulation 3, omit “, or under paragraph 2(1) of Schedule 19 to the Finance Act 1999,”.
In regulation 4—
omit the “or” at the end of paragraph (3)(a); and
omit paragraph (3)(b).
Omit regulation 4B.
In regulation 6—
in paragraph (1), omit “or surrender” wherever it occurs;
in paragraph (4), omit “or surrender”;
in paragraph (4)(a), for “4, 4A, or 4B” substitute “4 or 4A”; and
in paragraph (6), omit “, and, where appropriate, Part II of Schedule 19 to the Finance Act 1999”.
In regulation 7—
at the end of paragraph (a), omit “, or”;
omit paragraph (b); and
for “4, 4A or 4B” substitute “4 or 4A”.
In regulation 12(3), for “to (4B)” substitute “and (4A)”.
In regulation 13—
in paragraph (1)—
omit “or surrender”; and
for “4, 4A or 4B” substitute “4 or 4A”.
in paragraph (2)—
omit “or under paragraph 2(1) of Schedule 19 to the Finance Act 1999,”; and
for “4, 4A or 4B” substitute “4 or 4A”.
In regulation 14(1), omit “or surrender”.
In the Table in Part I of the Schedule (which applies the provisions of the Taxes Management Act 1970f2 specified in the first column of that Table subject to any modification specified in the second column of that Table)—
in the entries relating to sections 49C and 49F, omit “, and, where appropriate, Part II of Schedule II to the Finance Act 1999”;
in the entry relating to section 98f6 in the second column of the Table for “4, 4A and 4B” substitute “4 and 4A”.
In Part II of the Schedule—
in sections 49C and 49F (as so modified) omit “, and, where appropriate, Part II of Schedule II to the Finance Act 1999”;
in sections 93(1), 95(1)(a) and 99 (as so modified) for “4, 4A or 4B” substitute “4 or 4A”; and
in the second column of the Table in section 98 (as so modified) for “4, 4A and 4B” substitute “4 and 4A”.
3Amendments to the Stamp Duty and Stamp Duty Reserve Tax (Open-ended Investment Companies) Regulations 1997
The Stamp Duty and Stamp Duty Reserve Tax (Open-ended Investment Companies) Regulations 1997f1 are amended as follows.
Omit regulation 4A(2).
4Amendments to the Authorised Investment Funds (Tax) Regulations 2006
The Authorised Investment Funds (Tax) Regulations 2006f1 are amended as follows.
Omit regulation 14A.
Signature
Mark Lancaster
David Evennett
Two of the Lords Commissioners of Her Majesty’s Treasury
21st July 2014
Explanatory note
(This note is not part of the Regulations)
These Regulations provide for consequential amendments to the Stamp Duty Reserve Tax Regulations 1986 (S.I. 1986/1711), the Stamp Duty and Stamp Duty Reserve Tax (Open-ended Investment Companies) Regulations 1997 (S.I. 1997/1156) and the Authorised Investment Funds (Tax) Regulations 2006 (S.I. 2006/964). The amendments are required as result of the abolition of Stamp Duty Reserve Tax applied to certain dealings in Collective Investment Schemes (“CISs”) in Part 2 of Schedule 19 to the Finance Act 1999 (“Schedule 19”).
Part 2 of Schedule 19 was repealed by section 114 of the Finance Act 2014 (c. 26) and has effect for those dealings in CISs made or effected on or after 30th March 2014. Section 114(5) of the Finance Act 2014 (c. 26) provides the power for the consequential amendments made by these Regulations to have retrospective effect.
A Tax Information and Impact Note covering this instrument was published on 10th December 2013 alongside the draft Finance Bill 2014 and is available on the HMRC website at http://hmrc.gov.uk/thelibrary/tiins.htm. It remains an accurate summary of the impacts that apply to this instrument.