Policy paper

Stamp Taxes on Shares: Removal of 1.5% charge on issues and certain related transfers

This measure amends the Stamp Duty and Stamp Duty Reserve Tax (SDRT) legislation to remove the 1.5% charge in domestic legislation on the issue of UK securities into depositary receipt systems and clearance services and on certain related transfers. It also amends the legislation to remove the 1.5% (or 0.2%) charge in relation to the issue of bearer instruments.

• From: HM Revenue & Customs
• Published: 14 September 2023

Documents

Stamp Taxes on Shares — Removal of 1.5% charge on issues and transfers integral to capital raising

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Draft legislation

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Draft legislation (accessible version)

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Explanatory Note

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Explanatory note (accessible version)

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Details

The government has announced that the existing 0% charge, under Stamp Duty and Stamp Duty Reserve Tax, on the issue of UK shares (or other chargeable securities) onto foreign markets and on certain related transfers of shares, will remain in place and be brought permanently into UK law following the changes in the Retained EU Law (Revocation and Reform) Act 2023 taking effect.

The government has published draft legislation for technical consultation ahead of its inclusion in an upcoming Finance Bill. The consultation will run for 4 weeks and will close on 12 October 2023.

Any responses to or queries about this consultation should be sent by email stamptaxes.budgetfinancebill@hmrc.gov.uk or by post to:

Stamp Taxes on Shares Team
HM Revenue and Customs
Room 3/63
100 Parliament Street
London
SW1A 2BQ

Published 14 September 2023