Finance Act 2024

Stamp duty reserve tax

7 (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).