delete The Stamp Duty and Stamp Duty Reserve Tax (Investment Exchanges and Clearing Houses) Regulations 2008
These 2008 Regulations designate Borse Berlin AG (operator of Equiduct Trading) as a recognised investment exchange and LCH.Clearnet Limited as a recognised clearing house, while providing exemptions from stamp duty and stamp duty reserve tax for certain securities transfer transactions made on the Equiduct Trading facility where specific clearing conditions are met.
This regulation creates preferential tax treatment for one specific trading platform, distorting competition between venues. The complex exemption structure - requiring matching agreements, designated accounts, and specific clearing participant relationships - adds regulatory burden while selectively advantaging LCH.Clearnet and Borse Berlin AG. Such targeted tax carve-outs based on technological architecture rather than broader market efficiency principles are inherently discriminatory and should be removed rather than retained as part of Britain's regulatory estate.