Stamp duty and stamp duty reserve tax transfers
Five new pieces of legislation came into force on 1 April 2011 which exempt certain transfers from stamp duty and stamp duty reserve tax.
The new regulations relate to certain transfers of, or agreements to transfer, traded securities made in the course of trading in those securities or options either on a facility or over the counter.
The transfers and agreements exempted are those involving:
- Eurex Clearing AG (‘Eurex’), and its nominees, (through whom transactions on the facility are cleared) or clearing participants of Eurex and its nominees.
- European Central Counterparty Limited (‘EuroCCP’), and its nominees, (through whom transactions on the facility are cleared) or clearing participants of EuroCCP and its nominees.
- European Multilateral Clearing Facility N.V. (‘EMCF’), and its nominees, (through whom transactions on the facility are cleared) or clearing participants of EMCF and its nominees.
- LCH.Clearnet Limited (‘LCH.Clearnet’), and its nominees, (through whom transactions on the facility are cleared) or clearing participants of LCH.Clearnet and its nominees.
- SIX X-CLEAR AG (‘X-CLEAR’), and its nominees, (through whom transactions on the facility are cleared) or clearing participants of X-CLEAR and its nominees.