Schedules

Schedule 11Capital-raising arrangements etc

Part 1Depositary receipts and clearance services

7Stamp duty reserve tax

1

In the italic heading before section 93 (SDRT: depositary receipts), at the end insert “: depositary receipts”.

2

In section 93—

a

in the heading, at the end insert “: 1.5% charge”;

b

in subsection (1)—

i

in the words before paragraph (a) omit “Subject to subsection (7) below and section 95 below,”;

ii

in paragraph (b) omit “or issued”;

c

after that subsection insert—

1A

The following provisions contain exceptions to the charge to stamp duty reserve tax under this section—

a

subsection (7) of this section (exception so far as stamp duty is chargeable);

b

section 95 (general exceptions);

c

section 95A (replacement securities);

d

section 97AB (exempt capital-raising transfers);

e

section 97AC (exempt listing transfers);

f

section 97AD (exception for transfers of shares held by issuing company);

g

section 97B (transfers between depositary receipt system and clearance system).

d

in subsection (4) omit paragraph (a);

e

omit subsection (10).