151 Depositary receipts and clearance services: exchanges of shares
Finance Act 1998 (1998 c 36) | Legislation

Stamp duty reserve tax

151  Depositary receipts and clearance services: exchanges of shares

(1)     In section 95 of the Finance Act 1986 (depositary receipts: exceptions) in subsection (3) (exchanges) after paragraph (b) there shall be added—

“and the shares in company Y are held under a depositary receipt scheme.”

(2)     At the end of that section there shall be added—

“(5)     For the purposes of subsection (3) above, the cases where shares are held under a depositary receipt scheme are those cases where, in pursuance of an arrangement,—

(a)     a depositary receipt for chargeable securities has been, or is to be, issued by a person falling within section 93(2) above in respect of the shares in question or shares of the same kind

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