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...
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:
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...
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: