54 SDRT: depositary receipt systems and clearance services systems
Finance Act 2010 (2010 c 13) | Legislation

Stamp taxes

54  SDRT: depositary receipt systems and clearance services systems

(1)     Part 4 of FA 1986 (stamp duty reserve tax) is amended as follows.

(2)     In section 95(1) (depositary receipts: exceptions), before “there shall be” insert “subject to section 97C,”.

(3)     In section 97(1) (clearance services: exceptions), before “there shall be” insert “subject to section 97C,”.

(4)     In section 97B (transfer between depositary receipt system and clearance system), after subsection (1) insert—

“(1A)     Subsection (1) is subject to section 97C.”

(5)     After that section insert—

“97C Transfers to non-EU depositary receipt and clearance services systems

(1)     This section applies where arrangements are made in accordance with which chargeable securities are—

(a)     issued to an EU system, and

(b)     subsequently transferred from an EU system to a non-EU system.

(2)

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