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Securities

The issue, transfer or receipt of, or any dealing with, any security or secondary security in the UK is exempt from VAT (but see the impact of the Kretztechnik decision in ‘VAT treatment of share issues’ below). For these purposes, a security or secondary security comprises:

1. •

   shares, stock, bonds, notes (other than promissory notes), debentures, debenture stock or shares in an oil royalty

2. •

   any document relating to money, in any currency, which has been deposited with the issuer or some other person, being a document which recognises an obligation to pay a stated amount to bearer or to order, with or without interest, and being a document by the delivery of which, with or without endorsement, the right to receive that stated amount, with or without interest, is transferable