Part 1 Stamp Duty Reserve Tax
Finance Act 2014 (2014 c 26) | Legislation

SCHEDULE 24 Abolition of Stamp Duty and SDRT: Securities on Recognised Growth Markets

Section 115

Part 1 Stamp Duty Reserve Tax

“Chargeable securitiesâ€

1

Part 4 of FA 1986 (stamp duty reserve tax) is amended as follows.

2

In section 99 (interpretation), after subsection (4A) insert—

“(4B)     Chargeable securities†does not include securities falling within paragraph (a), (b) or (c) of subsection (3) which are admitted to trading on a recognised growth market but not listed on that or any other market.

(4C)     In subsection (4B), “listed†and “recognised growth market†are to be construed in accordance with section 99A.â€

3

After that section insert—

“99A Section 99(4B): “listed†and “recognised growth marketâ€

(1)     This section applies for the purposes of section 99(4B).

(2)     Section 1005(3) to (5) of the Income Tax Act 2007 (meaning of “listed†etc) applies as it applies in relation to the Income Tax Acts.

(3)     “Recognised growth market†means a market recognised as a growth market by the Commissioners for Her Majesty's Revenue and Customs.

(4)     On an application made by a market, the market is to be recognised by the Commissioners as a growth market if, and only

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