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Statutory Instruments

2025 No. 666

STAMP DUTY

STAMP DUTY RESERVE TAX

The Private Intermittent Securities and Capital Exchange System (Exemption from Stamp Duties) Regulations 2025

Made

10th June 2025

Laid before the House of Commons

12th June 2025

Coming into force

3rd July 2025

The Treasury make these Regulations in exercise of the powers conferred by section 56 of the Finance Act 2025(1).

Citation and commencement

1. These Regulations may be cited as the Private Intermittent Securities and Capital Exchange System (Exemption from Stamp Duties) Regulations 2025 and come into force on 3rd July 2025.

Exemption from stamp duties

2.—(1) The transfer of a PISCES share in connection with trading activity that takes place on a PISCES under the PISCES sandbox arrangements is exempt from all stamp duties.

(2) In this regulation—

“ PISCES ” has the meaning given in regulation 3(3) of the PISCES Sandbox Regulations;

“ PISCES sandbox arrangements ” has the meaning given in regulation 3(2) of the PISCES Sandbox Regulations;

“ PISCES Sandbox Regulations ” means the Financial Services and Markets Act 2023 (Private Intermittent Securities and Capital Exchange System Sandbox) Regulations 2025 ( 2 );

“ PISCES share ” has the meaning given in regulation 2 of the PISCES Sandbox Regulations.

Jeff Smith

Anna Turley

Two of the Lords Commissioners of His Majesty's Treasury

10th June 2025

(1)

2025 c. 8.

Status: This is the original version (as it was originally made). This item of legislation is currently only available in its original format.
The Private Intermittent Securities and Capital Exchange System (Exemption from Stamp Duties) Regulations 2025 (2025/666)
Version from: original only

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
Defined Term Section/Article ID Scope of Application
PISCES reg. 2. def_9ba59f19ee
PISCES sandbox arrangements reg. 2. def_1c923ef341
PISCES Sandbox Regulations reg. 2. def_c462e4c50b
PISCES share reg. 2. def_285259325a

Status of changes to instrument text

The list includes made instruments, both those in force and those yet to come into force. Typically, instruments that are not yet in force (hence their changes are not incorporated into the text above) are indicated by description 'not yet' in the changes made column.

Contains public sector information licensed under the Open Government Licence v3.0.