STSM041570 | Exemptions and reliefs: exemptions: PISCES Overview

The Private Intermittent Securities and Capital Exchange System (Exemption from Stamp Duties) Regulations 2025 (SI 2025/666) provide for an exemption from Stamp Duty and SDRT for transfers of PISCES shares where the transfer is connected with trading activity that takes place on a PISCES under the PISCES sandbox arrangements.

The exemption applies from 3 July 2025.

PISCES is a new type of stock market allowing private companies to have their shares traded intermittently. Using powers from the Financial Services and Markets Act (FSMA) 2023, the government has established the legal framework for PISCES as a Financial Market Infrastructure (FMI) Sandbox. The legal framework was established by the Financial Services and Markets Act 2023 (Private Intermittent Securities and Capital Exchange System Sandbox) Regulations 2025 (SI 2025/583). The Financial Conduct Authority oversee and supervise the PISCES Sandbox and published the rules underpinning the PISCES regulatory framework.

An FMI Sandbox allows HM Treasury to temporarily modify or disapply certain pieces of legislation, in order to support market operators to trial new or developing technologies or practices, while still achieving appropriate regulatory outcomes.

Under the PISCES Sandbox HM Treasury can check that the detailed regulatory requirements for PISCES are calibrated correctly before making it permanent at the end of the sandbox period with further legislation, subject to further parliamentary approval.