The Stamp Duty Reserve Tax (Amendment) Regulations 1997

UK Statutory Instrument 1997 No. 2430 — creates 4 criminal offences.

4offences created

0recorded in force

0revoked

Made: 8 October 1997
In force from: 20 October 1997
Extent: Not stated
Subject: Tax, customs and excise
Made under: Finance Act 1986

Explanatory note

(This note is not part of the Regulations) — published with the instrument by the department that made it. © Crown copyright, reused under the Open Government Licence v3.0.

These Regulations amend the Stamp Duty Reserve Tax Regulations 1986 (S.I. 1986/1711) (“the principal Regulations”). Apart from an amendment of a drafting nature, the amendments reflect recent developments in market structure in connection with share transfers on investment exchanges. The amendments also reflect the introduction of an alternative system of share transfers known as CREST, by means of which the transfer is effected electronically rather than by a paper document. The amendments ensure that the operator of CREST or a similar electronic system, and the operator of a recognised investment exchange or EEA regulated market of which a party to an electronic transfer is a member, is liable to collect and pay stamp duty reserve tax (“SDRT”) incurred in connection with chargeable transactions. Regulation 1 provides for citation, commencement and effect, and regulation 2 for interpretation. Regulation 3 amends existing, and inserts new, definitions (including a definition of “operator”) in regulation 2 of the principal Regulations. Regulation 4 amends regulation 4(1) of the principal Regulations (liability of “accountable person”) in consequence of the new regulation 4A inserted by regulation 5. Regulation 5 inserts a new regulation 4A in the principal Regulations relating to the accountability for SDRT of the operator of an electronic share transfer system or of a recognised investment exchange or EEA regulated market (“the operator”). Regulations 6, 7, 9 and 10 amend regulations 6, 7, 13 and 15 of the principal Regulations in consequence of the accountability for SDRT of the operator. Regulation 8 makes an amendment of a drafting nature to regulation 8 of the principal Regulations. Regulations 11 and 12 amend sections 25, 93, 95, 98 and 99 of the Taxes Management Act 1970 in consequence of the accountability for SDRT of the operator.

Offences created by this instrument

For the words “to (4)” substitute “and (3)”; and for the words from “if” to the end substitute “if the failure by the… regulation 11(4) · Status not determined · Strict liability
The taxpayer shall be liable to a penalty which shall be £100 regulation 12(3) · Status not determined · Strict liability
Without prejudice to any penalties under subsections (2) and (3) above, if the failure by the taxpayer to give the… regulation 12(3) · Status not determined · Strict liability
For subsection (1) of section 95 (as modified) there shall be substituted the following subsection— 1 Where a person… regulation 12(4) · Status not determined · Mixed — some elements strict, some not

What Parliament said about it

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How Parliament handled it

Parliament's Statutory Instruments service records procedure from May 2017 onwards, and this instrument predates it. That is a limit of the source, not a statement that nothing happened.

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Other instruments from 1997