STSM042100 - Exemptions and reliefs: reliefs: Intermediary Relief - shares regularly traded
A 바카라 사이트˜stock or marketable security바카라 사이트™ (Stamp Duty 바카라 사이트“ see STSM021040) or a 바카라 사이트˜Chargeable Security바카라 사이트™ (Stamp Duty Reserve Tax (SDRT) 바카라 사이트“ see STSM031090) is 바카라 사이트˜regularly traded바카라 사이트™ 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 conduct, trade publication and transparency.
If the securities are not traded on a regulated market (i.e. they are instead traded on an MTF or recognised foreign exchange), then in order to qualify for intermediary relief there is an additional condition that transactions must be effected on the MTF or exchange (section 88A (1C) (c) FA 1986 (SDRT) and section 80A (1C) (c) FA 1986 (Stamp Duty)). Similar requirements apply for options trading. See STSM042105 for further information.
See STSM022230 for the meaning of regulated market, multilateral trading facility, recognised foreign exchange and recognised foreign options exchange.