The UK’s 1.5% SDRT charge on an issue of shares to a clearance service or depositary receipt system is not currently being collected because it was found to be contrary to EU law. The government has said it will not reinstate this charge after the UK leaves the EU. Further comfort can be taken from the legal position: an analysis of the Vidacos and BNY cases, EU law and the European Union (Withdrawal) Act 2018 suggests that, in the event of a no-deal Brexit, the charge will still not apply.
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The UK’s 1.5% SDRT charge on an issue of shares to a clearance service or depositary receipt system is not currently being collected because it was found to be contrary to EU law. The government has said it will not reinstate this charge after the UK leaves the EU. Further comfort can be taken from the legal position: an analysis of the Vidacos and BNY cases, EU law and the European Union (Withdrawal) Act 2018 suggests that, in the event of a no-deal Brexit, the charge will still not apply.
If you or your firm subscribes to Taxjournal.com, please click the login box below:
If you do not subscribe but are a registered user, please enter your details in the following boxes:
