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) offers of securities for sale to the public4;
(2) repurchases and stock lending5 (including where it becomes apparent that, as a result of insolvency, securities will not be transferred in accordance with
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