“Other charges: clearance services”.

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

Danfonwch hysbysiad imi am ddadleuon fel hyn

(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—