The Private Intermittent Securities and Capital Exchange System (Exemption from Stamp Duties) Regulations SI 2025/666 introduce an exemption from stamp duties on transfers of shares in connection with trading activity that takes place on a Private Intermittent Securities and Capital Exchange System (PISCES) under the PISCES sandbox arrangements (which are broadly described in reg 3 of the Financial Services and Markets Act 2023 (Private Intermittent Securities and Capital Exchange System Sandbox) Regulations SI 2025/583). The regulations come into force on 3 July 2025. The PISCES sandbox allows the Treasury to check that regulation is ‘calibrated correctly’ before making the respective rules permanent.
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The Private Intermittent Securities and Capital Exchange System (Exemption from Stamp Duties) Regulations SI 2025/666 introduce an exemption from stamp duties on transfers of shares in connection with trading activity that takes place on a Private Intermittent Securities and Capital Exchange System (PISCES) under the PISCES sandbox arrangements (which are broadly described in reg 3 of the Financial Services and Markets Act 2023 (Private Intermittent Securities and Capital Exchange System Sandbox) Regulations SI 2025/583). The regulations come into force on 3 July 2025. The PISCES sandbox allows the Treasury to check that regulation is ‘calibrated correctly’ before making the respective rules permanent.
If you or your firm subscribes to Taxjournal.com, please click the login box below:
If you do not subscribe but are a registered user, please enter your details in the following boxes:
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