The UK has prescribed Singapore Exchange Securities Trading Ltd (SGX-ST) as a ‘recognised foreign exchange’ from 1 June 2013, enabling its members to apply for intermediary status and obtain relief from stamp duty and SDRT. SGX-ST, as a result of an agreement with the London Stock Exchange (LSE), is planning to trade on its platform LSE securities listed on the FTSE 100 share index. To facilitate this, it requested that it be specified as a ‘recognised foreign exchange’ which enables it to enter into an arrangement with HMRC, allowing its members to apply for intermediary status and obtain relief from stamp duty and SDRT when purchasing UK shares on the SGX-ST platform.
The UK has prescribed Singapore Exchange Securities Trading Ltd (SGX-ST) as a ‘recognised foreign exchange’ from 1 June 2013, enabling its members to apply for intermediary status and obtain relief from stamp duty and SDRT. SGX-ST, as a result of an agreement with the London Stock Exchange (LSE), is planning to trade on its platform LSE securities listed on the FTSE 100 share index. To facilitate this, it requested that it be specified as a ‘recognised foreign exchange’ which enables it to enter into an arrangement with HMRC, allowing its members to apply for intermediary status and obtain relief from stamp duty and SDRT when purchasing UK shares on the SGX-ST platform.
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