Schedules

Schedule 11Capital-raising arrangements etc

Part 1Depositary receipts and clearance services

4Stamp duty

In section 70 (stamp duty: clearance services)—

a

in the heading, at the end insert “1.5% charge”;

b

in subsection (1) omit “(other than a bearer instrument)”;

c

after that subsection insert—

1A

For the purposes of subsection (1) “instrument” does not include—

a

a bearer instrument (see subsection (9A));

b

an exempt capital-raising instrument (see section 72ZA);

c

an exempt listing instrument (see section 72ZB).

d

after subsection (9) insert—

9ZA

Where an instrument transfers shares in a company which are held by the company (whether in accordance with section 724 of the Companies Act 2006 (treasury shares) or otherwise), subsections (2) to (5) do not apply and stamp duty is not chargeable on the instrument.