C1C2C3C4C5 Part IVStamp Duty Reserve Tax

Annotations:
Modifications etc. (not altering text)
C1

Pt. 4: construed as one with 1999 c. 16, Pt. VI (27.7.1999) by Finance Act 1999 (c. 16), s. 123(1)

C2

Pt. 4: power to restrict conferred (27.7.1999) by Finance Act 1999 (c. 16), s. 119 (with s. 123(4))

C3

Pt. 4: power to extend conferred (1.5.1995) by Finance Act 1995 (c. 4), s. 152(2)(b)(6)

C4

Pt. 4: 2019 c. 1, s. 48 construed as one with this Part (with effect in accordance with s. 48(12) of the amending Act) by Finance Act 2019 (c. 1), s. 48(11)

C5

Pt. 4: 2019 c. 1, s. 48A construed as one with this Part by 2019 c. 1, s. 48A(9) (as inserted (22.7.2020) by Finance Act 2020 (c. 14), s. 78)

Other charges F2: depositary receipts

Annotations:
Amendments (Textual)
F2

Words in s. 93 cross-heading inserted (with effect in accordance with Sch. 11 para. 25 of the amending Act) by Finance Act 2024 (c. 3), Sch. 11 para. 7(1) (with Sch. 11 para. 26)

95AF1 Depositary receipts: exception for replacement securities.

1

There shall be no charge to tax under section 93 above in respect of the transfer F3... or appropriation of chargeable securities (“the new securities”) issued by a company in place of existing securities of the same company (“the old securities”) if the following conditions are met.

2

The first condition is that the old securities are held under a depositary receipt scheme.

3

The second condition is that—

a

there was a charge to tax under section 93 above in respect of the transfer F5... or appropriation—

i

of the old securities, or

ii

of earlier securities in relation to which on a previous application of this section those securities were the new securities,

or there would have been such a charge if that section had been in force; or

b

there would have been such a charge but for section 95(2) F4... above.

4

The third condition is that there is an arrangement under which—

a

the new securities are transferred F6... or appropriated as mentioned in section 93(1)(b), and

b

the old securities are cancelled.

5

For the purposes of subsection (2) above the cases in which securities are held under a depositary receipt scheme are those specified (in relation to shares) in section 95(5) above.

6

The exception provided by this section applies only to the extent that the value of the new securities immediately after their issue does not exceed the value of the old securities immediately before the issue of the new securities.