Regulation 2 InterpretationI1

In these Regulations unless the context otherwise requires—

• “Act” means Part IV of the Finance Act 1986;

• F1“accountable date” means—

  1. (a)

     in relation to a relevant transaction—

     1. (i)

        in connection with which securities are transferred by means of a relevant system operated by the operator of that system, or

     2. (ii)

        which is reported by means of a relevant system to F2the F3Financial Conduct Authority or an exchange by the operator of that system in a case where the securities to which the transaction relates are not transferred by means of a relevant system, or

     3. (iii)

        which is reported, otherwise than by means of a relevant system, to an exchange, in a case where the securities to which the transaction relates are not transferred by means of a relevant system,

     the date agreed between the Board and the operator or, if no such date is agreed, the date which is the fourteenth day following the date of the relevant transaction,

  2. (b)

     in relation to interest on overdue tax arising in connection with a relevant transaction which, by virtue of a party to that transaction being a participant in a relevant system, or a member of an exchange, could have been, but was not, reported to the Financial Conduct Authority or an exchange by means of that system, or to an exchange otherwise than by means of a relevant system, the date which is the fourteenth day following the date of the relevant transaction, F4... F5and

  3. (c)

     in relation to a relevant transaction to which neither paragraph (a) nor paragraph (b) applies, the date which is the seventh day of the month following the month in which the charge to tax occasioned by the relevant transaction is incurred , F6...

  4. (d)

     F7...

• “accountable person” means—

  1. (a)

     F8in relation to a charge under section 87 of the Act (“section 87”) —

     1. (i)

        F9if the person mentioned as B in section 87(1) is a member of an exchange, or if a member of an exchange is acting as an agent for B who is not such a member, that member, and failing that

     2. (ii)

        if the person mentioned as A in section 87(1) is a member of an exchange, or if a member of an exchange is acting as an agent for A who is not such a member, that member, and failing that

     3. (iii)

        if the person mentioned as B in section 87(1) is a qualified dealer, or if a qualified dealer is acting as an agent for B who is not a qualified dealer, the qualified dealer, and failing that

     4. (iv)

        if the person mentioned as A in section 87(1) is a qualified dealer, or if a qualified dealer is acting as an agent for A who is not a qualified dealer, the qualified dealer, and failing that

     5. (v)

        the person mentioned as B in section 87(1),

  2. (b)

     in relation to a charge under section 93(1) to (7) of the Act, the person mentioned in section 93(8) thereof:

     Provided that if section 93(9) is applicable, then the accountable person means the person to whom the securities are transferred,

  3. (c)

     in relation to a charge under section 93(10) of the Act, the person liable to pay the instalment,

  4. (d)

     in relation to a charge under section 96(1) to (5) of the Act, the person mentioned in subsection (6) thereof:

     Provided that if section 96(7) is applicable, then the accountable person means the person to whom the securities are transferred, F10... F11and

  5. (e)

     in relation to a charge under section 96(8) of the Act, the person liable to pay the instalment, F12...

  6. (f)

     F13...

  7. (g)

     ...

• F14...

• “barrister” includes a member of the Faculty of Advocates;

• F15“the Board” means the Commissioners of Inland Revenue;

• F16“carelessly” has the same meaning as in section 118(5) and (6) of the Taxes Management Act 1970;

• “deliberately” has the same meaning as in section 118(7) of the Taxes Management Act 1970;

• F17“EEA regulated market” means an EU regulated market within the meaning of Regulation (EU) No. 600/2014 of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments;

• “exchange” means—

  1. (a)

     a recognised investment exchange within the meaning given by section F18285(1)(a) of the Financial Services and Markets Act 2000, or

  2. (b)

     an EEA regulated market;

• F19...

• F20...

• F21...

• F22“HMRC” means Her Majesty’s Revenue and Customs;

• F23“investment business” means business which consists of the carrying on of one or more of the activities specified in Articles 14, 21, 25, 37, 40, 45, 51 and 53 and, in so far as it applies to any of those Articles, Article 64 of the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001;

• ...

• “notice” means notice in writing;

• F24“operator” means—

  1. (a)

     F25an Operator for the purposes of regulation 3(1) of the Treasury Regulations operating a relevant system within the United Kingdom;

  2. (b)

     subject to paragraph (c), where a relevant transaction is reported to an exchange otherwise than by means of a relevant system, the operator of that exchange or, if there is no such operator, that exchange;

  3. (c)

     where a relevant transaction is reported to more than one exchange otherwise than by means of a relevant system, the operator of the exchange of which the party who is the accountable person in relation to that transaction is a member or, if there is no such operator, that exchange;

• F26“qualified dealer” means a person who, not being a F27member of an exchange—

  1. (a)

     F28a person who has permission under Part 4 of the Financial Services and Markets Act 2000 to carry on investment business, or

  2. (c)

     F29is authorised under a legislative provision of the government of a territory outside the United Kingdom to carry on investment business, or

  3. (d)

     while not required to be authorised to do so, carries on investment business;

• F30...

• F31“relevant system” has the meaning given by regulation 2(1) of the Treasury Regulations;

• “relevant transaction” means—

  1. (a)

     an agreement falling within section 87(1) of the Act,

  2. (b)

     a transfer, issue or appropriation falling within section 93(1)(b) of the Act, or

  3. (c)

     a transfer or issue falling within section 96(1)(b) of the Act,

  and in respect of which there is a charge to tax;

• F32...

• ...

• F33...

• “tax” means stamp duty reserve tax;

• F34“the Treasury Regulations” means the F35Uncertificated Securities Regulations 2001;

• F36“tribunal” has the same meaning as in the Taxes Management Act 1970;

• F37...