Finance Act 2025
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Change 1
56 Testing of FMI technologies or practices
(1) The Treasury may by regulations make provision about stamp duty or stamp duty reserve tax in connection with regulations made under section 13 of the Financial Services and Markets Act 2023 (testing of FMI technologies or practices). (2) Regulations under subsection (1) may— (a) disapply, or modify the application of, an Act; (b) apply an Act with or without modifications, but may not amend or repeal an Act. (3) Regulations under subsection (1) must be made by statutory instrument. (4) A statutory instrument containing provision (whether alone or with other provision) that has the effect of increasing the amount of duty or tax that is chargeable in respect of any instrument, transfer or agreement to transfer above the amount that would have been chargeable in the absence of regulations under this section may not be made unless a draft of the instrument has been laid before, and approved by resolution of, the House of Commons. (5) A statutory instrument that does not contain such provision is subject to annulment in pursuance of a resolution of the House of Commons.
56 Testing of FMI technologies or practices
(1) The Treasury may by regulations make provision about stamp duty or stamp duty reserve tax in connection with regulations made under section 13 of the Financial Services and Markets Act 2023 (testing of FMI technologies or practices). (2) Regulations under subsection (1) may— (a) disapply, or modify the application of, an Act; (b) apply an Act with or without modifications, but may not amend or repeal an Act. (3) Regulations under subsection (1) must be made by statutory instrument. (4) A statutory instrument containing provision (whether alone or with other provision) that has the effect of increasing the amount of duty or tax that is chargeable in respect of any instrument, transfer or agreement to transfer above the amount that would have been chargeable in the absence of regulations under this section may not be made unless a draft of the instrument has been laid before, and approved by resolution of, the House of Commons. (5) A statutory instrument that does not contain such provision is subject to annulment in pursuance of a resolution of the House of Commons.
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