The Stamp Duty Reserve Tax (Investment Exchanges and Clearing Houses) (The London Stock Exchange) Regulations 2008
These Regulations exempt from stamp duty reserve tax (“SDRT”) certain agreements to transfer equity securities made in the course of trading in those securities on the London Stock Exchange (“the Exchange”). The agreements exempted are those involving clearing participants in the Exchange (and their nominees) and SIS x-clear Aktiengesellschaft (“x-clear”) (and nominees of that clearing house) through whom transactions on the Exchange are cleared. The Regulations also exempt transactions on the Exchange between x-clear and the London Clearing House Limited (transactions on the Exchange involving clearing participants in that clearing house are separately exempted under the Stamp Duty Reserve Tax (Investment Exchanges and Clearing Houses) (The London Stock Exchange) Regulations 2001 (S.I. 2001/255)).