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The Stamp Duty Reserve Tax (UK Depositary Interest in Foreign Securities) (Amendment) Regulations 2007

S.I. 2007/12 · Made 8 January 2007

Original text. legislation.gov.uk does not revise statutory instruments, so later amendments are not shown here. Changes made to it are listed under each provision when known.

stamp duty reserve tax

Made 8th January 2007

Laid before the House of Commons 9th January 2007

Coming into force 1st February 2007

The Treasury make the following Regulations, in exercise of the powers conferred by sections 119 and 121 of the Finance Act 1999f1.

Annotations to the whole text

Footnotes

f1

1999 c. 16. These provisions are subject to prospective repeal by virtue of section 123(3) of the Finance Act 1999.

Contents

  1. 1Citation and commencement
  2. 2Amendment of the Stamp Duty Reserve Tax (UK Depositary Interest in Foreign Securities) Regulations 1999
  3. 3Consequential revocation
  4. Signature
  5. Explanatory note

1Citation and commencement

These Regulations may be cited as the Stamp Duty Reserve Tax (UK Depositary Interest in Foreign Securities) (Amendment) Regulations 2007 and shall come into force on 1st February 2007.

2Amendment of the Stamp Duty Reserve Tax (UK Depositary Interest in Foreign Securities) Regulations 1999

(1)

The Stamp Duty Reserve Tax (UK Depositary Interest in Foreign Securities) Regulations 1999f1 are amended as follows.

(2)

In regulation 2—

(a)

the definition of “collective investment scheme”f2; and

(b)

paragraph (c) of the definition of “foreign securities”f3;

are revoked.

3Consequential revocation

Article 186 of the Financial Services and Markets Act 2000 (Consequential Amendments) (Tax) Order 2001f1 (which is spent in consequence of regulation 2(2)(a)) is revoked.

Signature

Dave Watts

Alan Campbell

Two of the Lords Commissioners of Her Majesty’s Treasury

8th January 2007

Explanatory note

(This note is not part of the Regulations)

These Regulations amend the Stamp Duty Reserve Tax (UK Depositary Interest in Foreign Securities) Regulations 1999 (S.I. 1999 2383) in order to permit units or shares in collective investment schemes to be foreign securities to which the Regulations apply.

Regulation 1 provides for the citation and commencement of these Regulations.

Regulation 2 amends regulation 2 of the 1999 Regulations by revoking paragraph (c) of the definition of “foreign securities”. That paragraph precludes units or shares in collective investment schemes from being such securities for the purposes of the Regulations. Regulation 2 also revokes the definition of “collective investment scheme” which becomes otiose in consequence of the revocation of paragraph (c) of that definition.

Regulation 3 makes a revocation (of article 186 of the Financial Services and Markets Act 2000 (Consequential Amendments) (Taxes) Order 2001 (S.I. 2001/3629) which is a necessary incidental of the revocation of the definition of “collective investment scheme” by regulation 2.

These Regulations do not impose new costs on business