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The Stamp Duty Reserve Tax (UK Depositary Interests in Foreign Securities) (Amendment) Regulations 2000

S.I. 2000/1871 · Made 14 July 2000

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.

TAXES

Made 14th July 2000

Laid before the House of Commons 17th July 2000

Coming into force 7th August 2000

The Treasury, in exercise of the powers conferred upon them by section 119 of the Finance Act 1999f1, hereby make the following Regulations:

Annotations to the whole text

Footnotes

f1

1999 c. 16.

Contents

  1. 1Citation and commencement
  2. 2Interpretation
  3. 3Amendments to the principal Regulations
  4. 4Amendments to the principal Regulations
  5. Signature
  6. Explanatory note

1Citation and commencement

These Regulations may be cited as the Stamp Duty Reserve Tax (UK Depositary Interests in Foreign Securities) (Amendment) Regulations 2000 and shall come into force on 7th August 2000.

2Interpretation

In these Regulations “the principal Regulations” means the Stamp Duty Reserve Tax (UK Depositary Interests in Foreign Securities) Regulations 1999f1.

3Amendments to the principal Regulations

In regulation 2 of the principal Regulations in paragraph (d) of the definition of “foreign securities” omit “overseas”.

4Amendments to the principal Regulations

In regulation 2 of the principal Regulations for the definition of “recognised stock exchange overseas” substitute—

  • ““recognised stock exchange” has the meaning given by section 841 of the Income and Corporation Taxes Act 1988f1;”.

Signature

Bob Ainsworth

Greg Pope

Two of the Lords Commissioners of Her Majesty’s Treasury

14th July 2000

Explanatory note

(This note is not part of the Regulations)

These Regulations amend the Stamp Duty Reserve Tax (UK Depositary Interests in Foreign Securities) Regulations 1999 (S.I. 1999/2383) (“the principal Regulations”) which provide for UK depositary interests in foreign securities to be excluded from the definition of “chargeable securities” in Part IV of the Finance Act 1986 for the purposes of stamp duty reserve tax.

One of the conditions contained in the definition of “foreign securities” in regulation 2 of the principal Regulations is that the securities are of the same class in the body corporate concerned as securities listed on a recognised stock exchange outside the United Kingdom. The amendments made by these Regulations relax that condition so as to include securities listed on any recognised stock exchange.