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HMRC internal manual

Stamp Taxes on Shares Manual

Financial markets: background: Markets in Financial Instruments Directive II (MiFID II)

On 20 October 2011 the European Commission adopted a proposal for the revision of the Markets in Financial Instruments Directive (MiFID). The new proposals will take the form of a revised Directive and new Regulations, which together are commonly referred to as ‘MiFID II’.

These new proposals are currently going through the legislative negotiation process, and are unlikely to take effect until late 2014 at the earliest. Further information on the proposals is available on the Financial Conduct Authority website at: