Legislation – Finance Act 2024
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There are currently no known outstanding effects for the Finance Act 2024, Paragraph 11.
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Schedule 11Capital-raising arrangements etc
Part 1Depositary receipts and clearance services
Stamp duty reserve tax
11
(1)
“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)
“(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).