Taxes Management Act 1970 section 21

Stock jobbers' transactions

Section 21 previously dealt with information requirements relating to stock jobbers' transactions but has been repealed.

• Section 21 originally required the provision of information about transactions carried out by stock jobbers (market makers who traded securities on their own account).
• The section was repealed by Finance Act 2011, Schedule 23, which modernised and consolidated HMRC's data-gathering powers.
• The repeal reflected the fact that the role of stock jobbers had already ceased to exist following the deregulation of financial markets in 1986 (known as "Big Bang").
• Any information-gathering requirements that remain relevant are now covered by the updated data-gathering framework introduced by Finance Act 2011.