– in the House of Commons am 9:47 pm ar 27 Tachwedd 2023.
(9) In section 96 —
(a) in the heading, at the end insert 1.5% charge";
(b) in subsection (1) —
(i) in the words before paragraph (a) omit “Subject to subsection (5) below and sections 97 and 97A below,”;
(ii) in paragraph (b) omit “or issued”;
(c) after that subsection insert—
“(1A) The following provisions contain exceptions to the charge to stamp duty reserve tax under this section —
(a) subsection (5) of this section (exception so far as stamp duty is chargeable);
(b) section 97 (general exceptions);
(c) section 97ZA (exception for replacement securities);
(d) section 97A (election for alternative system of charge);
(e) section 97AB (exempt capital-raising transfers);
(f) section 97AC (exempt listing transfers);
(g) section 97AD (exception for transfers of shares held by issuing company);
(h) section 97B (transfers between depositary receipt system and clearance system).”;
(d) in subsection (2) omit paragraph (a);
(e) omit subsection (8).
(10) Section 97 (clearance services: exceptions) is amended as follows —
(a) in subsection (1), in the words after paragraph (b) omit “subject to section 97C,”;
(b) in subsection (3), in the words before paragraph (a) omit “or issue”;
(c) omit subsections (4) to (6).
(11) Section 97AA (clearance services: further exception) is renumbered section 97ZA.
(12) In that section—
(a) in the heading, for “further exception” substitute “exception for replacement securities”;
(b) in subsection (1) omit “or issue”;
(c) in subsection (3) —
(i) in paragraph (a), in the words before sub-paragraph (i) omit “or issue”;
(ii) in paragraph (b) omit “or (4)”;
(d) in subsection (4), in paragraph (a) omit “or issued”.
(13) Section 97A (clearance services: election for alternative system of charge) is amended as follows —
(a) in subsection (3), in paragraph (a) omit “or issue";
(b) in subsection (4), in both places omit “, issue”.
(14) After section 97A insert—