Income Tax Act 2007 section 1005

Meaning of "recognised stock exchange" etc.

Section 1005 defines what constitutes a "recognised stock exchange" for the purposes of the Income Tax Acts, explains how such exchanges are designated, and clarifies what it means for securities to be "listed" on one.

• A recognised stock exchange is any market of a recognised investment exchange (within or outside the UK) that has been formally designated by HMRC through a statutory order.
• HMRC's designation order can identify an exchange by name or by class of market, may include transitional or supplemental provisions, and can vary or revoke earlier orders.
• Securities are treated as "listed" on a recognised stock exchange only if they are both admitted to trading on that exchange and included in the official UK list or officially listed in a qualifying country outside the UK under rules comparable to those in EEA states.
• The term "securities" in this context includes shares and stock, and a "qualifying country outside the United Kingdom" means any foreign country that has a recognised stock exchange.