1189. Various exceptions and exemptions from charge to stamp duty reserve tax.

The stamp duty reserve tax charge in respect of agreements to transfer chargeable securities between A and B1 does not apply as regards an agreement to transfer securities of a particular kind to B or B's nominee where B is a intermediary2 and is recognised as such by the market in accordance with arrangements approved by the Commissioners for Revenue and Customs3. Further exemptions apply to:

  1.  

    (1)     offers of securities for sale to the public4;

  2.  

    (2)     repurchases and stock lending5 (including where it becomes apparent that, as a result of insolvency, securities will not be transferred in accordance with