Part 4 OTHER TAXES
Stamp duty and stamp duty reserve tax
95F2 Exemptions in relation to F3... share incentive plans
1
This section forms part of the SIP code (see section 488 of the Income Tax (Earnings and Pensions) Act 2003 (F3... share incentive plans)).
2
Accordingly, expressions used in this section and contained in the index at the end of Schedule 2 to that Act (F3... share incentive plans) have the meaning indicated by that index.
3
Where, under F1a Schedule 2 SIP, partnership shares or dividend shares are transferred by the trustees to an employee—
a
no ad valorem stamp duty is chargeable on any instrument by which the transfer is made, and
b
no stamp duty reserve tax is chargeable on any agreement by the trustees to make the transfer.
4
But subsection (3) does not apply to—
a
any instrument executed (within the meaning of the Stamp Act 1891) before 6th April 2003, or
b
any agreement to transfer shares made before that date.