With effect from the 18th January 2013, HM Revenue & Customs (HMRC) in the United Kingdom has designated the European Wholesale Securities Market (EWSM) as a "recognised stock exchange" under section 1005 (1)(b) of the Income Tax Act 2007 (ITA).
As a result of this development, securities admitted to trading and listed on the Official List of the EWSM will meet the HMRC interpretation of "listed" as set out in section 1005 (3)(a) and (3)(b) of the ITA.
HMRC's designation means that holders of debt securities admitted to trading and listing on the Official List of the EWSM qualify for the Quoted Eurobond exemption and are exempted from withholding tax on distributions made on the securities.
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