Schedules

Schedule 11Capital-raising arrangements etc

Part 1Depositary receipts and clearance services

11Stamp duty reserve tax

1

Before section 96 (SDRT: clearance services) insert—

Other charges: clearance services

2

In section 96—

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 (5) below and sections 97 and 97A 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 (5) of this section (exception so far as stamp duty is chargeable);

b

section 97 (general exceptions);

c

section 97ZA (exception for replacement securities);

d

section 97A (election for alternative system of charge);

e

section 97AB (exempt capital-raising transfers);

f

section 97AC (exempt listing transfers);

g

section 97AD (exception for transfers of shares held by issuing company);

h

section 97B (transfers between depositary receipt system and clearance system).

d

in subsection (2) omit paragraph (a);

e

omit subsection (8).