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Stamp Duty Reserve Tax

 
Craig Leslie Chairman of the STPG and Head of Stamp Taxes at PricewaterhouseCoopers LLP considers the interaction of stamp duty and stamp duty reserve tax (SDRT) and identifies traps for the unwary
 
At its heart SDRT is a tax on transactions not documents. It was introduced in 1986 to ensure transfers of shares in electronic form did not escape the stamp tax net. For transfers effected though CREST the UK's central securities depository and electronic share settlement system SDRT is the primary stamp tax. However SDRT will generally arise on all agreements to transfer UK shares whether or not completed by a later transfer document. Recognising its impact and dealing with it is essential. Although due payment of stamp duty will often cancel liability to SDRT there are several...

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