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SDRT Contrary to EU Law?

Craig R Leslie and Peter Cussons from PricewaterhouseCoopers LLP review the recent Advocate-General's opinion in the HSBC Holdings case which if followed could lead to significant SDRT reclaims
On 18 March 2009 Advocate-General (A-G) Mengozzi of the European Court of Justice (ECJ) delivered his Opinion in HSBC Holdings plc and Vidacos Nominees Ltd v HMRC Case C-569/07. A-G Mengozzi opined that the 1.5% stamp duty reserve tax (SDRT) charge levied by the UK upon the issuance of new securities or upon the transfer of existing securities into clearance services is contrary to EU law because it breaches the requirements of the Capital Duty Directive 69/335 and the free movement of capital under Article 56 of the EC Treaty. Given the strong nature...

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