Re: Ummm yes but..... @Tim
I can see that working out really well for Tesco! Wait, no I can't.
Why not? I can buy UK company shares on a US stock market.
If you're doing that you are either stock/bond trading - which is exempt, if you bothered to read anything
The exemptions are still being argued over. As of December, it will apply to stock trading, but possibly not to derivative transactions.