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Statutory Instruments

2014 No. 911

Stamp Duty

Stamp Duty Reserve Tax

The Stamp Duty and Stamp Duty Reserve Tax (Exchange Traded Funds) (Exemption) Regulations 2014

Made

3rd April 2014

Laid before the House of Commons

7th April 2014

Coming into force

2 8 th April 2014

M1 The Treasury, in exercise of the powers conferred by section 217(1) to (3) and (7) of the Finance Act 2012 , make the following Regulations:

Citation and commencement

1. These Regulations may be cited as the Stamp Duty and Stamp Duty Reserve Tax (Exchange Traded Funds) (Exemption) Regulations 2014 and come into force on 28th April 2014.

Interpretation

2. In these Regulations—

M2 “ the Act ” means the Financial Services and Markets Act 2000 ;

“ collective investment scheme ” has the meaning given in section 235 of the Act;

F1 ...

[F2 “multilateral trading facility” means—

(a)

a UK multilateral trading facility, 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;

(b)

an EU multilateral trading facility, within the meaning of that Regulation; or

(c)

[F3 Gibraltar multilateral trading facility within the meaning given by Article 26(11)(b)(ii) of that Regulation; F3]

F4 ... F2]

M3 “ open-ended investment company ” has the meaning given in section 236 of the Act ;

[F2 “regulated market” means—

(a)

a UK 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;

(b)

an EU regulated market, within the meaning of that Regulation; or

(c)

[F5 a Gibraltar regulated market within the meaning given by Article 26(11)(b)(i) of that Regulation; F5,F2]]

[F2 “ UCITS ” means—

(a)

a UCITS within the meaning given by section 236A of the Financial Services and Markets Act 2000; or

(b)

an undertaking established in Gibraltar which is a UCITS under the law of Gibraltar which implemented Directive 2009/65/EC of the European Parliament and of the Council of 13 July 2009 on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities. F2]

“ units ” has the meaning given in section 237(2) of the Act.

Exemption from stamp duty reserve tax

3. Stamp duty reserve tax shall not be chargeable on a transfer or an agreement to transfer units in an exchange traded fund.

Exemption from stamp duty

4. —(1) Stamp duty shall not be chargeable on an instrument which transfers units in an exchange traded fund.

(2) Where units in an exchange traded fund form the whole or part of the consideration, paragraph (1) does not affect any charge to stamp duty on the transfer on sale of other property.

Meaning of exchange traded fund

5. In these Regulations an “ exchange traded fund ” means a collective investment scheme which—

(a) is an open-ended investment company, units in which are admitted to trading on—

(i) a regulated market, or

(ii) a multilateral trading facility, and

[F6 (b) is a UCITS. F6]

David Evennett

Mark Lancaster

Two of the Lords Commissioners of Her Majesty's Treasury

Status: There are currently no known outstanding effects for the The Stamp Duty and Stamp Duty Reserve Tax (Exchange Traded Funds) (Exemption) Regulations 2014.
The Stamp Duty and Stamp Duty Reserve Tax (Exchange Traded Funds) (Exemption) Regulations 2014 (2014/911)
Version from: 31 December 2020

Displaying information

Status of this instrument

in force Provision is in force
in force* In force only for specified purposes (see footnote)
not in force Not in force in England (may be in force in other geographies, see footnotes)
defined term Defined term
dfn Defined term (alternative style)
footnote commentary transitional and savings in force status related provisions geo extent insert/omit source count in force adj
F1 Words in reg. 2 omitted (31.12.2020) by virtue of The Stamp Duty and Stamp Duty Reserve Tax (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/515) , regs. 1 , 3(2)(a) ; 2020 c. 1 , Sch. 5 para. 1(1) omitted
F2 Words in reg. 2 inserted (31.12.2020) by The Stamp Duty and Stamp Duty Reserve Tax (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/515) , regs. 1 , 3(2)(b) ; 2020 c. 1 , Sch. 5 para. 1(1) inserted
F3 Words in reg. 2 substituted (31.12.2020) by The Taxes (Amendments) (EU Exit) (No. 2) Regulations 2019 (S.I. 2019/818) , regs. 1(4) , 14(2)(a)(i) ; 2020 c. 1 , Sch. 5 para. 1(1) substituted
F4 Words in reg. 2 omitted (31.12.2020) by virtue of The Taxes (Amendments) (EU Exit) (No. 2) Regulations 2019 (S.I. 2019/818) , regs. 1(4) , 14(2)(a)(ii) ; 2020 c. 1 , Sch. 5 para. 1(1) omitted
F5 Words in reg. 2 substituted (31.12.2020) by The Taxes (Amendments) (EU Exit) (No. 2) Regulations 2019 (S.I. 2019/818) , regs. 1(4) , 14(2)(b) ; 2020 c. 1 , Sch. 5 para. 1(1) substituted
F6 Reg. 5(b) substituted (31.12.2020) by The Stamp Duty and Stamp Duty Reserve Tax (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/515) , regs. 1 , 3(3) ; 2020 c. 1 , Sch. 5 para. 1(1) substituted
M1 2012 c. 14 .
M2 2000 c. 8 .
M3 Section 236 was amended by S.I. 2009/1941 .
Defined Term Section/Article ID Scope of Application
collective investment scheme reg. 2. def_2ee834ccae
exchange traded fund reg. 5. def_0c329b93b9
multilateral trading facility reg. 2. def_72ce6aa09f
open-ended investment company reg. 2. def_fe6653e904
regulated market reg. 2. def_36090f44fe
the Act reg. 2. def_7dd2d60f34
UCITS reg. 2. def_62ca9add03
units reg. 2. def_a492f7e661

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