Statutory Instruments
2003 No. 2078
TAXES
The Stamp Duty Reserve Tax (virt-x Exchange Limited) (Amendment) Regulations 2003
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( 1 ), hereby make the following Regulations:
Citation and commencement
1. 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.
Amendment of the Stamp Duty Reserve Tax (virt-x Exchange Limited) Regulations 1995
2. Amend the Stamp Duty Reserve Tax (virt-x Exchange Limited) Regulations 1995( 2 ) as follows.
3. —(1) Amend regulation 2( 3 ) 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—
The London Clearing House Limited; or
SIS x-clear Aktiengesellschaft for as long as it is a member (as defined by this regulation); ” .
4. —(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. In regulation 5(2) for “The London Clearing House Limited” substitute “the relevant clearing service of which the clearing participant is a member”.
Jim Murphy
Joan Ryan
Two of the Lords Commissioners of Her Majesty’s Treasury
11th August 2003
1991 c. 31 . Section 116(4) was amended by paragraph 5 of Schedule 20 to the Financial Services and Markets Act 2000 (c. 8) .
S.I. 1995/2051 , relevantly amended, and retitled, by S.I. 2001/2267 .
Regulation 2 was amended by regulation 2(1) and (3) of S.I. 2001/2267 .