Part VIStamp Duty and Stamp Duty Reserve Tax
Stamp duty reserve tax
189Transfers to members of electronic transfer systems etc
(1)
“(1A)
An instrument on which stamp duty is not chargeable by virtue of section 186 of the Finance Act 1996 (transfers of securities to members of electronic transfer systems etc) shall be disregarded in construing section 87(4) and (5) above unless—
(a)
the transfer is made by a stock exchange nominee; and
(b)
the maximum stamp duty chargeable on the instrument, apart from section 186 of the Finance Act 1996, would be 50p;
and in this subsection “stock exchange nominee” means a person designated for the purposes of section 127 of the M1Finance Act 1976 as a nominee of The Stock Exchange by an order made by the Secretary of State under subsection (5) of that section.”
(2)
This section has effect in relation to an agreement to transfer securities if an instrument is executed on or after 1st July 1996 in pursuance of the agreement.