IE
S.I. No. 411/2018 - Stamp Duty (Designation of Exchanges and Markets) (No. 3) Regulations 2018
Statutory Text (3 Articles)
1. (1) These Regulations may be cited as the Stamp Duty (Designation of Exchanges and Markets) (No. 3) Regulations 2018.
(2) These Regulations come into operation on 19 October 2018.
2. For the purposes of section 75 (inserted by
section 109
of the
Finance Act 2007
(No. 11 of 2007)) of the
Stamp Duties Consolidation Act 1999
(No. 31 of 1999), UBS MTF operated by UBS AG (London Branch) is designated as a market by the Revenue Commissioners.
GIVEN under my hand,
10 October 2018.
NIALL CODY,
Revenue Commissioner.
EXPLANATORY NOTE
(This note is not part of the Instrument and does not purport to be a legal interpretation).
Section 75 (inserted by
section 109
of the
Finance Act 2007
) of the
Stamp Duties Consolidation Act 1999
provides for an exemption from stamp duty on a transfer of title to securities to an intermediary if—
— the intermediary is a member of an exchange or market,
— the intermediary is approved by the Revenue Commissioners as a recognised intermediary on the exchange or market,
— the transfer of the securities is effected on the exchange or market concerned, on the Irish Stock Exchange Limited, the London Stock Exchange plc or any other exchange or market designated by the Revenue Commissioners, and
— the transfer is not effected in connection with an excluded business.
The purpose of these Regulations is the designation by the Revenue Commissioners, as on and from 19 October 2018, of UBS MTF operated by UBS AG (London Branch) as a market for the purposes of
section 75
of the
Stamp Duties Consolidation Act 1999
.
Notice of the making of this Statutory Instrument was published in
“Iris Oifigiúil” of
19
th October
, 2018.
The Revenue Commissioners, in exercise of the powers conferred on them by section 75(5)(
a
) (inserted by
section 109
of the
Finance Act 2007
(No. 11 of 2007)) of the
Stamp Duties Consolidation Act 1999
(No. 31 of 1999), hereby make the following regulations