Part IVStamp Duty Reserve Tax
Other charges: clearance services
Depositary receipts and clearance services: further exceptions
F197B Transfer between depositary receipt system and clearance system.
(1)
There shall be no charge to tax under section 93 or 96 above where securities are transferred between a depositary receipt system and a clearance system.
F2(1A)
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(2)
A transfer between a depositary receipt system and a clearance system means a transfer—
(a)
from (or to) a company which at the time of the transfer falls within section 67(6) above, and
(b)
to (or from) a company which at that time falls within section 70(6) above.
(3)
This section does not apply to a transfer from a clearance system (that is, from such a company as is mentioned in subsection (2)(b) above) if at the time of the transfer an election is in force under section 97A above in relation to the clearance services for the purposes of which the securities are held immediately before the transfer.