95Exemptions in relation to employee share ownership plans
(1)Schedule 8 to the Finance Act 2000 (c. 17) (employee share ownership plans) is amended as follows.
(2)After paragraph 116 insert—
“Exemptions from stamp duty and stamp duty reserve tax
116AWhere, under an approved employee share ownership plan, 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.”
(3)This section has effect in relation to—
(a)instruments executed (within the meaning of the Stamp Act 1891 (c. 39)) after the day on which this Act is passed, and
(b)agreements to transfer shares made after the day on which this Act is passed.