Prompted by the transfer this week of business from Tradepoint Financial Networks to the new Investment Exchange, virt-x, the Inland Revenue has released details of new regulations confirming that transactions in securities on virt-x will continue to benefit from the same exemption from the Stamp Duty Reserve Tax that applied to transactions on the Tradepoint Exchange.
The exchange operates under UK regulatory standards, and the The Stamp Duty Reserve Tax (Tradepoint)(Amendment) Regulations 2001 amend the current Tradepoint regulations. The purpose of the amendments is to reflect the transfer of all the business of Tradepoint Financial Networks plc (now known as virt-x plc) as a recognised investment exchange to the wholly-owned subsidiary, virt-x Exchange Limited.
The joint venture between Tradepoint, a consortium of leading international investment banks, and the Swiss exchange SWX (which has stopped separate dealing in Swiss blue-chip equities) lists the top stocks from most of Europe's largest bourses on a single screen, operates with a counterparty facility provided by the London Clearing House, offers a seamless back office with clearing through Euroclear and has a single rulebook for all stocks regardless of listing location.
The regulations took effect from 25 June 2001.
.
Network Tweets
Network BlogsContent
provided by
|
Archive | Resources | Partners | Site Map | Links | Newsletter Archive | Contact | RSS Feeds | About | Syndication | Advertising & Marketing | Recruitment | Terms & Conditions | Privacy & Cookies
Copyright © 2012 - All Rights Reserved - Tax-News.com
IMPORTANT NOTICE: Tax-News.com has taken reasonable care in sourcing and presenting the information contained on this site, but accepts no responsibility for any financial or other loss or damage that may result from its use. In particular, users of the site are advised to take appropriate professional advice before committing themselves to involvement in offshore jurisdictions, offshore trusts or offshore investments.
Write a comment