STSM022230 - Scope of stamp duty on shares: stamp duty: adjudication, stamps and reliefs: HMRC approved intermediaries

FA86/S80A(6A) enables HMRC to approve a person as a recognised intermediary who is not a member of a regulated market, multilateral trading facility, recognised foreign exchange or recognised foreign options exchange.

To qualify, the person must under (FA86/S80A(6A)(a)) either:

a) be authorised under the law of an EEA State, or Gibraltar, to provide any of the investment services or activities listed in Section A 2 or 3 of Annex I to Directive 2004/39/EC of the European Parliament and of the Council, whether or not the person is authorised under the Directive.

or

b) have permission under the Financial Services and Markets Act 2000 to carry on any of the investment services or activities in paragraph 2 or 3 of Part 3 of Schedule 2 to the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001 (FA86/S80A(6A)(b)).

For details on how to apply to be an HMRC recognised intermediary see STSM042075

Regulated market (FA86/S80B) means:

a) a UK regulated market, within the meaning of Regulation (EU) No. 600/2014 of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments;

b) an EU regulated market, within the meaning of that Regulation; or

c) a Gibraltar regulated market within the meaning given by Article 26(11)(b)(i) of that Regulation.

Multilateral Trading Facility (FA86/S80B) means:

a) a UK multilateral trading facility, within the meaning of Regulation (EU) No. 600/2014 of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments;

b) an EU multilateral trading facility, within the meaning of that Regulation; or

c) a Gibraltar multilateral trading facility within the meaning given by Article 26(11)(b)(ii) of that Regulation.

Recognised foreign exchange and recognised foreign options exchange (FA86/S80B(3) & (4)) means:

a) a market which is not in the United Kingdom, Gibraltar or an EEA State; and

b) is specified in regulations made by the Treasury.