delete The Stamp Duty and Stamp Duty Reserve Tax (BX Swiss AG) (Recognised Foreign Exchange and Recognised Foreign Options Exchange) Regulations 2014
These Regulations designate BX Swiss AG as a recognised foreign exchange and recognised foreign options exchange under sections 80B(3) and 80B(4) of the Finance Act 1986, effective 2nd December 2014. This recognition determines how stamp duty and stamp duty reserve tax apply to transactions conducted on this Swiss exchange.
This regulation grants discriminatory tax treatment to a single foreign exchange, distorting competition between exchanges. It represents government picking winners in the marketplace—a classic intervention that creates unintended distortions. Britons would be better served by equal treatment of all exchanges or, better still, by reducing stamp duty rates that currently penalise all trading. The regulation's sole effect is to confer a tax privilege on one exchange, not to protect consumers or achieve any public benefit that market mechanisms cannot provide more efficiently.