Recognised stock exchanges
HMRC have confirmed that the Moscow Interbank Currency Exchange (MICEX) has been designated as a ‘recognised stock exchange’ from 5 January 2011 for the purposes of references to recognised stock exchanges in the relevant legislation.
The definition of a recognised stock exchange includes the London Stock Exchange and Plus-listed market as well as any other stock exchange outside the UK so designated by HMRC.
With effect from 5 January 2011, the MICEX Stock Exchange will also be regarded as a recognised stock exchange for Inheritance Tax purposes.
HMRC also confirm that recognition under Section 1005 Income Tax Act 2007 is for tax purposes only and confers no other status on the exchange concerned: it does not constitute any form of recognition or approval for regulatory or other purposes nor does it provide any form of approval or recommendation of any of the investments which are listed or traded on that exchange.