Modernisation of the Stamp Taxes on Shares Framework 鈥� 1.5% charge
Read the full outcome
Detail of outcome
The consultation response document sets out feedback on questions on how to modernise the 1.5% higher charge on certain transactions.
It confirms the outcome of the consultation:聽
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The government will聽proceed聽with proposals set out in the consultation on depository receipts, the market value rules, notifications,聽and liable and accountable persons.聽
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The government will聽proceed聽with removing the charge to bearer instruments,聽excluding provisions for shares paid for in instalments,聽and intends to exclude references聽to聽paired shares.聽
The government has published draft legislation for the STT alongside the summary of responses.聽The government is aiming to introduce聽the聽STT and the new digital service in 2027. An update on the commencement date will be provided in the Autumn.
Original consultation
Consultation description
This consultation follows on from the consultation published in April 2023 that sought feedback on proposals for modernising the principal 0.5% charge for Stamp Taxes on Shares. It seeks views on proposals to modernise the 1.5% higher rate charge which applies in certain circumstances when UK securities are transferred overseas, with a focus on reducing unnecessary legislation and improving clarity.
This consultation is likely to be of interest to taxpayers, investors, businesses, tax advisors, practitioners and their representative bodies, tax lawyers and their representative bodies, stockbrokers, stock traders, stock markets, clearance services, depositary receipt issuers, and anyone that is involved with or has an interest in the buying and selling of shares and securities.
Documents
Updates to this page
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A summary of responses to the consultation has been published.
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First published.