The government has announced the repeal of the 1.5% stamp tax charge on issuances and certain transfers, with effect from 1 January 2024. David Wilson and Jack Jones (Cooley) review the proposed implementation measures which are currently open for consultation.
On 14 September 2023 the government issued a statement announcing its intention to amend the Finance Act 1986 (FA 1986) so that with effect from 1 January 2024 the 1.5% charge to stamp duty reserve tax (SDRT) will not arise on any issuance of securities to a depositary receipt issuer or clearance service and SDRT or stamp duty at 1.5% will not arise on any transfer of securities that is within the scope of a new statutory exemption. Draft legislation has been published subject to consultation.
The statement provides much-needed clarity for UK-parented groups whose securities trade on non-UK exchanges – including companies with American...
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The government has announced the repeal of the 1.5% stamp tax charge on issuances and certain transfers, with effect from 1 January 2024. David Wilson and Jack Jones (Cooley) review the proposed implementation measures which are currently open for consultation.
On 14 September 2023 the government issued a statement announcing its intention to amend the Finance Act 1986 (FA 1986) so that with effect from 1 January 2024 the 1.5% charge to stamp duty reserve tax (SDRT) will not arise on any issuance of securities to a depositary receipt issuer or clearance service and SDRT or stamp duty at 1.5% will not arise on any transfer of securities that is within the scope of a new statutory exemption. Draft legislation has been published subject to consultation.
The statement provides much-needed clarity for UK-parented groups whose securities trade on non-UK exchanges – including companies with American...
If you or your firm subscribes to Taxjournal.com, please click the login box below:
If you do not subscribe but are a registered user, please enter your details in the following boxes:
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