delete The Stamp Duty and Stamp Duty Reserve Tax (Cassa Di Compensazione E Garanzia S.p.A.) Regulations 2011
The Stamp Duty and Stamp Duty Reserve Tax (Cassa Di Compensazione E Garanzia S.p.A.) Regulations 2011 prescribe the Italian clearing house CC&G for Finance Act 1991 purposes and provide exemptions from stamp duty and stamp duty reserve tax for securities transfers made in connection with facility or over-the-counter transactions through CC&G's clearing system, specifically when contracts are transferred between clearing participants under default rules or when securities move through matching agreements.
This regulation grants specific tax relief to a designated foreign central counterparty (CC&G) without evidence of parliamentary scrutiny or demonstrated necessity. Retained EU-era financial regulations such as this were inherited wholesale post-Brexit without review. The exemption creates preferential treatment for one designated CCP's clearing operations, distorting competitive behavior among clearing providers and potentially disadvantaging UK-based clearing infrastructure. Removing this would restore neutral tax treatment across clearing providers and eliminate one of thousands of unreviewed EU-derived provisions from the statute book.