Depositary receipts and clearance services

– in the House of Commons am 9:47 pm ar 27 Tachwedd 2023.

Danfonwch hysbysiad imi am ddadleuon fel hyn

(1) The Finance Act 1986 is amended as follows.

(2) In section 67 (stamp duty: depositary receipts) —

(a) in the heading, at the end insert “1.5% charge”;

(b) in subsection (1) omit “(other than a bearer instrument)”;

(c) after that subsection insert—

“(1A) For the purposes of subsection (1) “instrument” does not include —

(a) a bearer instrument (see subsection (9A));

(b) an exempt capital-raising instrument (see section 72ZA);

(c) an exempt listing instrument (see section 72ZB).”;

(d) after subsection (9) insert—

“(9ZA) Where an instrument transfers shares in a company which are held by the company (whether in accordance with section 724 of the Companies Act 2006 (treasury shares) or otherwise), subsections (2) to (5) do not apply and stamp duty is not chargeable on the instrument.”

(3) In section 69 (depositary receipts: supplementary), in subsection (1), in the words before paragraph (a), for “sections 67 and 68 above” substitute “sections 67, 68 and 72ZB”.

(4) In section 70 (stamp duty: clearance services) —

(a) in the heading, at the end insert “1.5% charge”;

(b) in subsection (1) omit “(other than a bearer instrument)";

(c) after that subsection insert—

“(1A) For the purposes of subsection (1) “instrument” does not include —

(a) a bearer instrument (see subsection (9A));

(b) an exempt capital-raising instrument (see section 72ZA);

(c) an exempt listing instrument (see section 72ZB).”;

(d) after subsection (9) insert—

“(9ZA) Where an instrument transfers shares in a company which are held by the company (whether in accordance with section 724 of the Companies Act 2006 (treasury shares) or otherwise), subsections (2) to (5) do not apply and stamp duty is not chargeable on the instrument.”

(5) After section 72 (clearance services: supplementary) insert—