Part IVStamp Duty Reserve Tax
Other charges: clearance services
F1Depositary receipts and clearance services: further exceptions
97ABExempt capital-raising transfers
(1)
There is to be no charge to tax under section 93 or 96 in respect of an exempt capital-raising transfer.
(2)
For the purposes of subsection (1), a transfer of chargeable securities is an “exempt capital-raising transfer” if the transfer is in the course of capital-raising arrangements.
(3)
In this section, “capital-raising arrangements” means arrangements pursuant to which chargeable securities are issued by a company for the purpose of raising new capital.
(4)
A transfer of chargeable securities is not prevented from being an exempt capital-raising transfer by reason only of a delay in transferring the chargeable securities where—
(a)
a person (“the transferor”) acquires the chargeable securities—
(i)
before capital-raising arrangements are entered into, or
(ii)
in the course of capital-raising arrangements,
(b)
the transferor is subject to a restriction that has the effect of preventing the transfer of the chargeable securities in the course of the capital-raising arrangements, and
(c)
the transfer is made as soon as reasonably practicable after the time at which the restriction ceases to have effect.