TISA welcomes Bok Bond choice in tax incentivised investments
TISA welcomes the Government’s announcement today that the Bond Exchange of South Africa has been designated as a ‘Recognised Stock Exchange’ by Order of the Commissioner for HMRC. This means that these underlying assets are eligible to be placed in ISAs and CTFs, provided they meet the other criteria for these schemes.
HMRC determines which exchanges are ‘listed’ and have thus confirmed that the Bond Exchange of South Africa meets the HMRC interpretation of ‘listed’. However, investors should remember that only those securities that are designated as ‘listed’ on the exchange qualify—units traded via the over-the-counter market (OTC) will not meet HMRC interpretation of ‘listed’.
TISA Director-General, Tony Vine-Lott said,
‘This demonstrates the ever-increasing diversity of underlying assets allowable in the UK’s tax-incentivised savings schemes. In the modern world, the UK’s diverse investor-base demands access to a truly wide range of investment opportunities, while wishing to be sheltered from tax on gains. We appreciate HMRC’s continued work on which exchanges are of significant quality to qualify as ‘recognised’. TISA is extremely pleased to see yet another recognised exchange added.’
The following is the list of Stock Exchanges designated as "recognised stock exchanges" by Order of the Board of the HMRC, under section 841(1)(b) ICTA 1988 and section 1005 ITA 2007.*
The Athens Stock Exchange
The Australian Stock Exchange
The Bermuda Stock Exchange
The Bond Exchange of South Africa
The Cayman Islands Stock Exchange
The Colombo Stock Exchange
The Copenhagen Stock Exchange
The Helsinki Stock Exchange
The Iceland Stock Exchange
The Johannesburg Stock Exchange
The Korea Stock Exchange
The Kuala Lumpur Stock Exchange
The London Stock Exchange
The Malta Stock Exchange
The Mexico Stock Exchange
The New Zealand Stock Exchange
The Plus-listed market
The Rio De Janeiro Stock Exchange
The Sao Paulo Stock Exchange
The Singapore Stock Exchange
The Stockholm Stock Exchange
The Stock Exchange of Thailand
The Swiss Stock Exchange
In addition, any stock exchanges, as recognised by law, in the following countries are ‘recognised’: Austria, Belgium, Canada (Any stock exchange prescribed for the purpose of the Canadian Income Tax Act), France, Germany, Guernsey, Hong Kong (Any stock exchange which is recognised under Section 2A (1) of the Hong Kong Companies Ordinance), Italy, Ireland, Japan, Luxembourg, Netherlands, Norway, Portugal, Spain, USA (Any exchange registered with the Securities and Exchange Commission of the United States is a national securities exchange; including the NASDAQ which is maintained through the facilities of the National Association of Securities Dealers, Inc and its subsidiaries).
NOTES TO EDITORS:
* This does not include the expanded list of Recognised Stock Exchanges defined by 48A FA 2005 (those dealing alternative finance instruments and investment bonds also known as ‘sukuk’ instruments.)
TISA is the trade association for the retail financial services sector. TISA works to improve tax incentivised savings schemes and promotion of savings in the UK. TISA works closely with industry, parliamentarians, HM Treasury, HM Revenue & Customs and the Financial Services Authority to enhance and improve the range, features, benefits, promotion and quality of savings schemes available to all savers in the UK. These include Individual Savings Accounts, Child Trust Funds, personal pensions, employer-based schemes, and other consumer-centric, Government savings schemes and savings initiatives.
For more information visit www.tisa.uk.com or email enquiries@tisa.uk.com
For more information, please contact:
Michael Cooper, Cicero Consulting +44 207 297 5968 or michael.cooper@cicero-europe.com
Tony Vine-Lott, Director General of TISA+44 1372 374 728 or 07790 006 108 or tony.vinelott@tisa.uk.com