PART IVStamp Duty Reserve Tax
Other charges
95Depositary receipts: exceptions
1
Where securities are transferred—
a
to a company which at the time of the transfer falls within subsection (6) of section 67 above and is resident in the United Kingdom, and
b
from a company which at that time falls within that subsection and is so resident,
there shall be no charge to tax under section 93 above in respect of the transfer.
2
There shall be no charge to tax under section 93 above in respect of a transfer, issue or appropriation of an inland bearer instrument, within the meaning of the heading "Bearer Instrument" in Schedule 1 to the [1891 c. 39.] Stamp Act 1891, which does not fall within exemption 3 in that heading (renounceable letter of allotment etc. where rights are renounceable not later than six months after issue).
3
There shall be no charge to tax under section 93 above in respect of an issue by a company (company X) of securities in exchange for shares in another company (company Y) where company X—
a
has control of company Y, or
b
will have such control in consequence of the exchange or of an offer as a result of which the exchange is made.
4
For the purposes of subsection (3) above company X has control of company Y if company X has power to control company Y's affairs by virtue of holding shares in, or possessing voting power in relation to, company Y or any other body corporate.