Question proposed, That the clause stand part of the Bill.

The Committee will be relieved to hear that clause 50 is the last of the clauses dealing with stamp duty taxes. It is less controversial than the schedule 10 provisions that we have just debated. It provides for regulation-making powers in relation to the EU directive on markets in financial instruments directive.

The clause permits the extension of stamp duty and stamp duty reserve tax exemptions to sales of stock to intermediaries and for repurchases and stock lending   to members of specified multilateral trading facilities. Those are defined in the associated draft regulations that were helpfully circulated among Committee members by the Economic Secretary on 20 June. Those regulations confirmed that the markets so defined would be the alternative investment market, Ofex and POSIT.

The Economic Secretary's letter confirms that the regulations are due to come into effect as soon as the Bill receives Royal Assent, which will probably be some time next month. So, I just ask the Minister what, if any, is the anticipated revenue effect of extending the exemptions, and what that is likely to be in the current financial year? Have the Government any estimate?

Question put and agreed to.

Clause 50 ordered to stand part of the Bill.