New recognised exchanges
FA 2005, s 48A has rules for the taxation of 'alternative finance investment bonds' — a Shari'a compliant security, which is known as 'sukuk' and which is economically equivalent to conventional interest-bearing securities.
A condition of the tax treatment of such bonds is that they are listed on a 'recognised stock exchange'. FA 2005, s 48A(3) allows for an Order to be made specifying such exchanges and HMRC have now designated the following stock exchanges as recognised stock exchanges for the purposes only of FA 2005, s 48A.
New recognised exchanges
FA 2005, s 48A has rules for the taxation of 'alternative finance investment bonds' — a Shari'a compliant security, which is known as 'sukuk' and which is economically equivalent to conventional interest-bearing securities.
A condition of the tax treatment of such bonds is that they are listed on a 'recognised stock exchange'. FA 2005, s 48A(3) allows for an Order to be made specifying such exchanges and HMRC have now designated the following stock exchanges as recognised stock exchanges for the purposes only of FA 2005, s 48A.
- Abu Dhabi Securities Market
- Bahrain Stock Exchange.
- Dubai Financial Market.
- Dubai International Financial Exchange.
- ?Labuan International Financial Exchange.
- ? Saudi Stock Exchange (Tadawul).
- Surabaya Stock Exchange.
The Order has effect from 1 April 2007 for arrangements under s 48A and which were entered into on or after that date; and shall be deemed always to have had effect for the purposes of income tax and capital gains tax in relation to the disposal after 6 April 2007 (whenever entered into) of arrangements to which s 48A applies.
HMRC news release, 25 July 2007
