STSM041065 - Exemptions and reliefs: exemptions: loan capital exemption – Hybrid Capital Instruments

Hybrid capital is a form of capital that combines characteristics of bonds and equities.

The hybrid capital instruments rules (Para 20 to Schedule 20 Finance Act 2019) provide an exemption from Stamp Duty and Stamp Duty Reserve Tax (SDRT) on the transfer of these instruments.

STSM021245 and STSM021245A provide more information on hybrid capital instruments.