The Stamp Duty and Stamp Duty Reserve Tax (Investment Exchanges and Clearing Houses) Regulations 1992
These Regulations, which come into force on 22nd March 1992, are made under sections 116 and 117 of the Finance Act 1991 which were enacted in consequence of the proposal to merge the London International Financial Futures Exchange and the London Traded Options Market of the London Stock Exchange to form the London International Financial Futures and Options Exchange (“LIFFE”). Section 116 provides that the charge to stamp duty shall be treated as not arising or as reduced in prescribed circumstances, and section 117 makes similar provision with regard to stamp duty reserve tax.