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Tax and the City review for October 2023

Tricky timings, difficult delineations, punitive payments... Mike Lane and Zoe Andrews (Slaughter and May) review the latest developments that matter.

1.5% season ticket charge: effect of CJEU case law mostly preserved

Pursuant to the HSBC line of CJEU case law HMRC accepted in published guidance (Stamp Taxes Shares Manual at STSM053010) that the 1.5% stamp duty or SDRT charges on transfers to depositary receipt issuers and clearance service providers had to be disapplied where the transfer was integral to a capital raising. HMRC confirmed this would continue even after the end of the Brexit transition period because the direct effect of the Capital Duties Directive had been confirmed by the First-tier Tribunal (FTT) in HSBC and Bank of New York Mellon [2012] UKFTT 163 (TC) before Exit Day.

There were concerns however that the Retained EU Law (Revocation and Reform) Act 2023 would have had the effect...

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