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SDRT |
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The decision of the ECJ yesterday was a success for HSBC who can now recover [pounds]27 million of UK SDRT it was charged in 2000 when it acquired French Bank CCF. A stamp duty or SDRT charge can, therefore, arise where one of the parties to the arrangement becomes insolvent and the effect of the insolvency is that stock is not returned to the lender or seller. Detailed tax measures Stock lending - relief from capital gains tax, stamp duty and SDRT where the borrower becomes insolvent and is unable to return the borrowed stock will apply from 24 November 2008, providing any collateral is used to buy replacement securities of the same kind. |
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