Both Houses of Parliament have now agreed on the text of the Retained EU Law (Revocation and Reform) Bill 2022/23 and has received Royal Assent. A Lords’ report amendment in May replaced the proposed sunset clause of all EU-derived subordinate legislation and retained direct EU legislation, repealing European Union (Withdrawal) Act 2018 s 4 at the end of 2023. The Act provides that from that date the principle of the supremacy of EU law is not part of domestic law and gives domestic legislation priority over retained direct EU legislation.
Whether this has inadvertently reintroduced a 1.5% stamp duty charge on share issues is open to debate. As Mike Lane identifies in this week’s issue: ‘As a result of s 2 of the Retained EU Law (Revocation and Reform) Act 2023 those provisions of the Capital Duties Directive will no longer form part of retained EU law, and will no longer have supremacy over the UK domestic legislation imposing the 1.5% charge, with effect from 1 January 2024.’ See In brief.
Both Houses of Parliament have now agreed on the text of the Retained EU Law (Revocation and Reform) Bill 2022/23 and has received Royal Assent. A Lords’ report amendment in May replaced the proposed sunset clause of all EU-derived subordinate legislation and retained direct EU legislation, repealing European Union (Withdrawal) Act 2018 s 4 at the end of 2023. The Act provides that from that date the principle of the supremacy of EU law is not part of domestic law and gives domestic legislation priority over retained direct EU legislation.
Whether this has inadvertently reintroduced a 1.5% stamp duty charge on share issues is open to debate. As Mike Lane identifies in this week’s issue: ‘As a result of s 2 of the Retained EU Law (Revocation and Reform) Act 2023 those provisions of the Capital Duties Directive will no longer form part of retained EU law, and will no longer have supremacy over the UK domestic legislation imposing the 1.5% charge, with effect from 1 January 2024.’ See In brief.
