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Chapter STSM042100

Document Cited in Related
Vincent
Published date07 March 2016
Record NumberSTSM042100

A ‘stock or marketable security’ (Stamp Duty – see STSM021040) or a ‘Chargeable Security’ (Stamp Duty Reserve Tax (SDRT) – see STSM031090) is ‘regularly traded’ for the purposes of intermediary relief where the security is admitted to trading on a regulated market, multilateral trading facility (MTF), a recognised foreign exchange or recognised foreign options exchange.

HM Revenue and Customs (HMRC) accept that any security admitted to listing or admitted to trading by a regulated market, MTF or an exchange which HMRC has entered into arrangements with is regularly traded.

The key point is that HMRC is satisfied that the rules and infrastructure of the relevant market on which the security is traded would provide a mechanism for transactions in that security to be regularly carried out under its oversight and subject to its rules of...

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