# The Stamp Duty Reserve Tax (virt-x Exchange Limited) (Amendment) Regulations 2003

S.I. 2003/2078 · made 11 August 2003

These Regulations amend the Stamp Duty Reserve Tax (virt-x Exchange Limited) Regulations 1995 (S.I. 1995/2051) (“the principal Regulations”). The purpose of the amendments is to extend the existing exemptions from stamp duty reserve tax in relation to virt-x Exchange Limited (“virt-x”) which apply to certain transactions involving The London Clearing House Limited and its members to similar transactions which involve SIS x-clear Aktiengesellschaft (“x-clear”) and its members. X-clear is a member in relation to virt-x, and, as regards trades between its own members (who are also members in relation to virt-x), performs the same role as The London Clearing House Limited performs for its members.

Made under: Finance Act 1991 (Section 116, Section 117)

PDFs: Printed copy https://openlegislation.uk/stamp-duty-reserve-tax-virt-x-exchange-limited-amendment-regulations-2003/pdf/uksi_20032078_en.pdf

## Introductory text

TAXES
Made 11th August 2003
Laid before the House of Commons 11th August 2003
Coming into force 17th November 2003
The Treasury, in exercise of the powers conferred upon them by sections 116(3) and (4) and 117 of the Finance Act 1991, hereby make the following Regulations:

## 1 Citation and commencement

These Regulations may be cited as the Stamp Duty Reserve Tax (virt-x Exchange Limited) (Amendment) Regulations 2003 and shall come into force on 17th November 2003.

## 2 Amendment of the Stamp Duty Reserve Tax (virt-x Exchange Limited) Regulations 1995

Amend the Stamp Duty Reserve Tax (virt-x Exchange Limited) Regulations 1995 as follows.

## 3 Amendment of the Stamp Duty Reserve Tax (virt-x Exchange Limited) Regulations 1995

(1) Amend regulation 2 as follows.
(2) In the definition of “clearing participant”—
(a) for “The London Clearing House Limited” substitute “a relevant clearing service”;
(b) for “that clearing house” substitute “the relevant clearing service”.
(3) In the definition of “nominee” for “The London Clearing House Limited” substitute “a relevant clearing service”.
(4) After the definition of “participant” insert—
““relevant clearing service” means—
(a) The London Clearing House Limited; or
(b) SIS x-clear Aktiengesellschaft for as long as it is a member (as defined by this regulation);”.

## 4 Amendment of the Stamp Duty Reserve Tax (virt-x Exchange Limited) Regulations 1995

(1) Amend regulation 4 as follows.
(2) In paragraph (2)(a)—
(a) in paragraph (iii)—
(i) for “The London Clearing House Limited” substitute “a relevant clearing service”;
(ii) for “that clearing house” substitute “a relevant clearing service”.
(b) in paragraph (iv)—
(i) for “The London Clearing House Limited” (in the first place it appears) substitute “a relevant clearing service”;
(ii) for “that clearing house” (in the first place it appears) substitute “a relevant clearing service”;
(iii) for “The London Clearing House Limited” (in the second place it appears) substitute “the relevant clearing service”;
(iv) for “that clearing house” (in the second place it appears) substitute “the relevant clearing service”;
(c) in paragraph (v)—
(i) for “The London Clearing House Limited” substitute “a relevant clearing service”;
(ii) for “that clearing house” substitute “a relevant clearing service”.
(3) In paragraph (3)(b)—
(a) for “The London Clearing House Limited” substitute “a relevant clearing service”;
(b) for “that clearing house” substitute “a relevant clearing service”.

## 5 Amendment of the Stamp Duty Reserve Tax (virt-x Exchange Limited) Regulations 1995

In regulation 5(2) for “The London Clearing House Limited” substitute “the relevant clearing service of which the clearing participant is a member”.

## Signature

Jim Murphy
Joan Ryan
Two of the Lords Commissioners of Her Majesty’s Treasury
11th August 2003

## Explanatory note

(This note is not part of the Regulations)
These Regulations amend the Stamp Duty Reserve Tax (virt-x Exchange Limited) Regulations 1995 (S.I. 1995/2051) (“the principal Regulations”). The purpose of the amendments is to extend the existing exemptions from stamp duty reserve tax in relation to virt-x Exchange Limited (“virt-x”) which apply to certain transactions involving The London Clearing House Limited and its members to similar transactions which involve SIS x-clear Aktiengesellschaft (“x-clear”) and its members. X-clear is a member in relation to virt-x, and, as regards trades between its own members (who are also members in relation to virt-x), performs the same role as The London Clearing House Limited performs for its members.
Regulation 1 provides for citation and commencement.
Regulation 2 introduces the amendments to the principal Regulations.
Regulation 3 amends regulation 2 of the principal Regulations.
Regulation 4 amends regulation 4 of the principal Regulations.
Regulation 5 amends regulation 5(2) of the principal Regulations.

---
Source: https://www.legislation.gov.uk/uksi/2003/2078 (the official version)
Page: https://openlegislation.uk/stamp-duty-reserve-tax-virt-x-exchange-limited-amendment-regulations-2003
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.