
1 
These Regulations may be cited as the Private Intermittent Securities and Capital Exchange System (Exemption from Stamp Duties) Regulations 2025 and come into force on 3rd July 2025.
2 

(1) The transfer of a PISCES share in connection with trading activity that takes place on a PISCES under the PISCES sandbox arrangements is exempt from all stamp duties.
(2) In this regulation—
 “PISCES” has the meaning given in regulation 3(3) of the PISCES Sandbox Regulations;
 “PISCES sandbox arrangements” has the meaning given in regulation 3(2) of the PISCES Sandbox Regulations;
 “PISCES Sandbox Regulations” means the Financial Services and Markets Act 2023 (Private Intermittent Securities and Capital Exchange System Sandbox) Regulations 2025;
 “PISCES share” has the meaning given in regulation 2 of the PISCES Sandbox Regulations.
Jeff Smith
Anna Turley
Two of the Lords Commissioners of His Majesty's Treasury
10th June 2025