The Stamp Duty and Stamp Duty Reserve Tax (Amendment) (EU Exit) Regulations 2019

Finance Act 1986

2.—(1) The Finance Act 1986 is amended as follows.

(2) In section 80A(6A)(1)—

(a)the words from “is authorised”, in the first place they occur, to the end become paragraph (a) of that subsection;

(b)in paragraph (a), after “EEA State” insert “or Gibraltar”; and

(c)after that paragraph insert—

“or

(b)has permission under the Financial Services and Markets Act 2000(2) to carry on any of the investment services or activities in paragraph 2 or 3 of Part 3 of Schedule 2 to the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001(3).”.

(3) In section 80B(4)—

(a)in subsection (2)—

(i)in the definition of “quoted or listed options”, for “an EEA exchange” substitute “a multilateral trading facility, a regulated market”;

(ii)insert at the appropriate places—

““multilateral trading facility” means—

and in paragraph (c) “multilateral system”, “investment firm”, “market operator” and “financial instrument” have the same meanings as they have for the purposes of that Regulation;;”;

““regulated market” means—

(b)omit subsection (2A);

(c)in subsection (3)(a) after “in” insert “the United Kingdom, Gibraltar or”; and

(d)in subsection (4)(a) after “in” insert “the United Kingdom, Gibraltar or”.

(4) In section 80C(7)—

(a)in subsection (2A)(a)—

(i)the words from “is authorised”, in the first place they occur, to the end become sub-paragraph (i) of that paragraph;

(ii)in sub-paragraph (i), after “EEA State” insert “or Gibraltar”; and

(iii)after that sub-paragraph insert—

“or

(ii)has permission under the Financial Services and Markets Act 2000 to carry on any of the investment services or activities in paragraph 2 or 3 of Part 3 of Schedule 2 to the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001;”;

(b)in subsection (7) insert at the appropriate places—

““multilateral trading facility” has the meaning given in section 80B(2);”;

““regulated market” has the meaning given in section 80B(2).”; and

(c)omit subsection (7A).

(5) In section 88A(6A)(8)—

(a)the words from “is authorised”, in the first place they occur, to the end become paragraph (a) of that subsection;

(b)in paragraph (a), after “EEA State” insert “or Gibraltar”; and

(c)after that paragraph insert—

“or

(b)has permission under the Financial Services and Markets Act 2000 to carry on any of the investment services or activities in paragraph 2 or 3 of Part 3 of Schedule 2 to the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001.”.

(6) In section 88B(9)—

(a)in subsection (2)—

(i)in the definition of “quoted or listed options”, for “an EEA exchange” substitute “a multilateral trading facility, a regulated market”; and

(ii)insert at the appropriate places—

““multilateral trading facility” has the meaning given by section 80B(2);”;

““regulated market” has the meaning given by section 80B(2);”; and

(b)omit subsection (2A).

(7) In section 89AA(10)—

(a)in subsection (2A)(a)—

(i)the words from “is authorised”, in the first place they occur, to the end become sub-paragraph (i) of that paragraph;

(ii)in sub-paragraph (i), after “EEA State” insert “or Gibraltar”; and

(iii)after that sub-paragraph insert—

“or

(ii)has permission under the Financial Services and Markets Act 2000 to carry on any of the investment services or activities in paragraph 2 or 3 of Part 3 of Schedule 2 to the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001;”;

(b)in subsection (6) insert at the appropriate places—

““multilateral trading facility” has the meaning given in section 80B(2);”;

““regulated market” has the meaning given in section 80B(2).”; and

(c)omit subsection (6A).