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New SDRT assessment service put under development

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HMRC has announced the development of a new SDRT assessment service. Although most SDRT has traditionally been assessed through CREST, which is operated by Euroclear UK & Ireland Ltd (EUI), it has become more common for gross transactions in stocks and shares to be aggregated or netted off outside CREST before settlement. This means that EUI cannot assess the gross transactions as the legislation requires. Therefore, HMRC has asked EUI to develop and deliver a new SDRT assessment service which allows gross transactions to be sent for reporting and assessment for SDRT at a centralised point. The service is expected to go live in June 2014.