The Finance Act 1986 contains charges to stamp duty reserve tax and stamp duty at a rate of 1.5% on the issuance and transfer of securities to a depositary receipt issuer or clearance service. The EU Capital Duties Directive disapplied these charges in many contexts, and this disapplication remained effective (as retained EU law) after the end of the Brexit implementation period. The enactment of the Retained EU Law (Revocation and Reform) Act 2023 cast doubt on the future of this EU-derived exemption; the government has now announced its intention to keep it, and has published draft legislation for consultation.
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The Finance Act 1986 contains charges to stamp duty reserve tax and stamp duty at a rate of 1.5% on the issuance and transfer of securities to a depositary receipt issuer or clearance service. The EU Capital Duties Directive disapplied these charges in many contexts, and this disapplication remained effective (as retained EU law) after the end of the Brexit implementation period. The enactment of the Retained EU Law (Revocation and Reform) Act 2023 cast doubt on the future of this EU-derived exemption; the government has now announced its intention to keep it, and has published draft legislation for consultation.
If you are not a subscriber, subscribe now to read this content.
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