---
title: "The Private Intermittent Securities and Capital Exchange System (Exemption from Stamp Duties) Regulations 2025"
id: ff19b965-e253-4279-8111-6830c593b3db
authority: uk
place: "United Kingdom"
applies_also_from: []
kind: regulation
in_force: true
publisher_url: https://www.legislation.gov.uk/uksi/2025/666
attribution: "Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives."
solon_url: https://solon.orangecat.ch/law/ff19b965-e253-4279-8111-6830c593b3db
language: en
in_force_from: 2025-07-03
date_basis: publisher
status: consolidated
source_url: https://www.legislation.gov.uk/uksi/2025/666/data.xml
read_on: 2026-11-10
sha256: b19c7061140c4a66f11c93b10d55533d3fc2a442e1cb8a03fd7b86f1bb3928a1
provisions: 3
---

# The Private Intermittent Securities and Capital Exchange System (Exemption from Stamp Duties) Regulations 2025

## Title and introductory text {#prelims}

2025 No. 666
STAMP DUTY
STAMP DUTY RESERVE TAX
The Private Intermittent Securities and Capital Exchange System (Exemption from Stamp Duties) Regulations 2025
Made
10th June 2025
Laid before the House of Commons
12th June 2025
Coming into force
3rd July 2025
The Treasury make these Regulations in exercise of the powers conferred by section 56 of the Finance Act 2025.

## 1 Citation and commencement {#regulation-1}

These Regulations may be cited as the Private Intermittent Securities and Capital Exchange System (Exemption from Stamp Duties) Regulations 2025 and come into force on 3rd July 2025.

## 2 Exemption from stamp duties {#regulation-2}

(1) The transfer of a PISCES share in connection with trading activity that takes place on a PISCES under the PISCES sandbox arrangements is exempt from all stamp duties.
(2) In this regulation—
“PISCES” has the meaning given in regulation 3(3) of the PISCES Sandbox Regulations;
“PISCES sandbox arrangements” has the meaning given in regulation 3(2) of the PISCES Sandbox Regulations;
“PISCES Sandbox Regulations” means the Financial Services and Markets Act 2023 (Private Intermittent Securities and Capital Exchange System Sandbox) Regulations 2025;
“PISCES share” has the meaning given in regulation 2 of the PISCES Sandbox Regulations.