STAMP DUTY Citation and commencement 1 These Regulations may be cited as the Stamp Duty and Stamp Duty Reserve Tax (Extension of Exceptions relating to Recognised Exchanges) Regulations 2005 and shall come into force on 11th August 2005. Extended application of provisions specified in section 50(2) of the Finance (No.2) Act 2005 2 The application of the provisions specified in section 50(2) of the Finance (No.2) Act 2005 (“the relevant provisions”) is extended to the following markets, which are multilateral trading facilities (or, assuming compliance with the provisions of Title II of the Directive (authorisation and operating conditions), would be such facilities), namely— a the market known as AIM established under the rules of London Stock Exchange plc, b the market known as OFEX, c the market known as POSIT and operated by Investment Technology Group Limited. The markets specified in sub-paragraphs (a) to (c) are referred to in these Regulations as “prescribed multilateral trading facilities”. Application of the relevant provisions to prescribed multilateral trading facilities 3 1 In their application to prescribed multilateral trading facilities, the relevant provisions as adapted as follows. 2 In the following provisions of these Regulations a reference to a numbered section is a reference to the section of the Finance Act 1986 bearing that number. Adaptation of section 80A 4 1 Section 80A (stamp duty: exceptions for sales to intermediaries) is adapted as follows. 2 In subsection (1)— a in paragraph (a) for “an EEA exchange, or a recognised foreign exchange,” substitute “a prescribed multilateral trading facility”; and b in paragraphs (b) and (c) for “the exchange” substitute “the facility”. 3 In subsection (2)— a in paragraph (a) for “an EEA exchange, or a recognised foreign options exchange,” substitute “a prescribed multilateral trading facility”; b in paragraph (b) for “that exchange” substitute “that facility” (in both places); c in paragraph (c) for “that exchange” substitute “that facility”; and d in paragraph (d)— i for “exchange, or a” substitute “exchange, a”; and ii after “foreign exchange” insert “or a prescribed multilateral trading facility”. 4 In subsection (3)— a in paragraph (a) for “an EEA exchange, or a recognised foreign options exchange,” substitute “a prescribed multilateral trading facility”; and b in paragraph (b) for “that exchange” substitute “that facility” (in both places). 5 In subsection (6) — a in the words before paragraph (a) for “an exchange” substitute “a prescribed multilateral trading facility”; and b in paragraphs (a) and (b) for “the exchange” (in each place) substitute “the facility”. 6 At the end of the section add — 8 In this section “prescribed multilateral trading facility” has the meaning given by regulation 2 of the Stamp Duty and Stamp Duty Reserve Tax (Extension of Exceptions relating to Recognised Exchanges) Regulations 2005 ( S.I. 2005/1990 ). . Adaptation of section 80C 5 1 Section 80C (stamp duty: exceptions for repurchases and stock lending) is adapted as follows. 2 In subsection (3)— a in paragraph (a) for “an EEA exchange or a recognised foreign exchange” substitute “a prescribed multilateral trading facility”; b in paragraph (b) for “that exchange” substitute “that facility”. 3 In subsection (6) — a in the words before paragraph (a) for “an exchange” substitute “a prescribed multilateral trading facility”; and b in paragraphs (a) and (b) for “the exchange” (in each place) substitute “the facility”. 4 For subsection (7) substitute— 7 In this section “prescribed multilateral trading facility” has the meaning given by regulation 2 of the Stamp Duty and Stamp Duty Reserve Tax (Extension of Exceptions relating to Recognised Exchanges) Regulations 2005. . Adaptation of section 88A 6 1 Section 88A (stamp duty reserve tax: exceptions from the principal charge for transactions involving intermediaries) is adapted as follows. 2 In subsection (1)— a in paragraph (a) for “an EEA exchange, or a recognised foreign exchange” substitute “a prescribed multilateral trading facility”; b in paragraphs (b) and (c) for “the exchange” (in each place) substitute “the facility”. 3 In subsection (2)— a in paragraph (a) for “an EEA exchange or a recognised foreign options exchange” substitute “a prescribed multilateral trading facility”; b in paragraphs (b) and (c) for “that exchange” (in each place) substitute “that facility”; c in paragraph (d)— i for “exchange, or a” substitute “exchange, a”; and ii after “foreign exchange” insert “, or a prescribed multilateral trading facility”. 4 In subsection (3)— a in paragraph (a) for “an EEA exchange, or a recognised foreign options exchange” substitute “a prescribed multilateral trading facility” b in paragraph (b) for “that exchange” (in each place) substitute “that facility”. 5 In subsection (6)— a in the words preceding paragraph (a) for “an exchange” substitute “a facility”; and b in paragraphs (a) and (b) (in each place) for “the exchange” substitute “the facility”. 6 At the end of the section add— 7 In this section “prescribed multilateral trading facility” has the meaning given by regulation 2 of the Stamp Duty and Stamp Duty Reserve Tax (Extension of Exceptions relating to Recognised Exchanges) Regulations 2005. . Adaptation of section 89AA 7 1 Section 89AA (stamp duty reserve tax: exceptions from the principal charge for transactions involving repurchase and stock lending) is adapted as follows. 2 In subsection (3)— a in paragraph (a)for “on an EEA exchange or a recognised foreign exchange” substitute “a prescribed multilateral trading facility”; and b in paragraph (b) for “that exchange” substitute “that facility”. 3 In subsection (5)— a in the words preceding paragraph (a) for “an exchange” substitute “a facility”; and b in paragraphs (a) and (b) for “the exchange” (in each place) substitute “the facility”. 4 For subsection (6) substitute— 6 In this section “prescribed multilateral trading facility” has the meaning given by regulation 2 of the Stamp Duty and Stamp Duty Reserve Tax (Extension of Exceptions relating to Recognised Exchanges) Regulations 2005. . Gillian Merron Vernon Coaker Two of the Lords Commissioners of Her Majesty’s Treasury 20th July 2005