On 8 April 2024 HMRC issued further guidance to the Stamp Taxes on Shares manual (the “Manual”) on what constitutes a “capital-raising arrangement” qualifying for exemption from a 1.5% stamp duty and stamp duty reserve tax...more
Draft UK legislation was previously published proposing to remove the 1.5% stamp tax charge on issues, and certain transfers, of securities to depositary receipt systems and clearance services (or their nominees) currently...more
On 14 September 2023, HM Revenue & Customs (“HMRC”) published a policy paper, along with explanatory notes and draft legislation, announcing the removal of the 1.5% charge to stamp duty and stamp duty reserve tax (“SDRT”) on...more
HM Revenue and Customs (HMRC) published draft legislation on 14 September for inclusion in Finance Bill 2023-24, which will remove the 1.5% charge to UK stamp duty and stamp duty reserve tax (SDRT) with respect to the issue...more
In a welcome move, the UK government issued a statement yesterday confirming its intention to repeal the 1.5% charge to UK stamp taxes on issuances of securities and any ‘exempt capital-raising transfer’ to a depositary...more
HM Revenue & Customs (“HMRC”) has published a policy paper, accompanied by draft legislation, which confirms the removal of the 1.5% charge to stamp duty and stamp duty reserve tax (“SDRT”) on the issuance of UK shares into...more
New draft UK legislation has been published today proposing to remove the 1.5% stamp tax charge on issues, and certain transfers, of securities to depositary receipt systems and clearance services (or their nominees)...more
The Retained EU Law (Revocation and Reform) Act 2023 became law in the UK on 29 June 2023. Broad in scope, the Revocation and Reform Act will, with effect from the end of this year, sweep away a number of European...more
The UK government’s proposals for the reform of stamp duty have been widely welcomed; it is generally felt that modernisation and reform are long overdue in this context. Although the proposals are not intended to alter the...more
On 27 April 2023, the UK government announced the administrative companion piece to the Budget announced earlier this year, which includes 23 technical tax policy proposals (although some are merely announcements of future...more
Welcome to April’s edition of our UK Tax Round Up. This month has seen a number of interesting cases highlighting the need for taxpayers and HMRC alike to apply a realistic approach to the facts in assessing the tax...more
Transfers of insurance-linked bonds which meet certain conditions will be exempt from UK stamp duties from 17 May 2022. This will be of particular relevance to the insurance sector where such bonds are issued in connection...more
This article is produced by our London Tax team, which is part of our global Tax practice. Our series, "Understanding Tax", explores commercially relevant and recent changes to the UK's tax code. Opportunities arising from...more
HMRC confirms that cryptoassets are not considered to be money or currency for tax purposes. On 1 November 2019, HM Revenue & Customs (HMRC) issued a policy paper on the taxation of cryptoassets for businesses and...more
Proposals to introduce financial transactions taxes in the UK and the EU have been around for a while. Although neither tax has yet come close to becoming law, political turbulence could now make this more likely. ...more
UK Tax News and Developments - Finance (No 2) Bill 2017 - The second Finance Bill of 2017, known as Finance (No 2) Bill 2017, has now been published. As expected, this contains most of the provisions which were dropped from...more
UK Tax News and Developments - Conservative legislative agenda set out in Queen's Speech - Following the UK general election on 8 June 2017, at which the Conservative party won the largest number of seats but lost its...more
On 10 July 2017 the Office of Tax Simplification (OTS), the independent adviser to the government on tax simplification, released its recommendations following its review of stamp duty on paper documents. Whilst the proposals...more
The political, economic and constitutional fallout of the UK’s referendum decision to leave the European Union (Brexit) will continue for some time. In addition to considering some of the possible domestic UK tax implications...more
The result of the UK’s referendum of 23 June 2016 was announced today as a victory for ‘Brexit’ - in other words, for the UK to exit the European Union. This decision is expected to have significant ramifications for the...more
The U.K. government has today published the final text of the 2014 Finance Bill. As discussed in our previous Alert, issued on March 19, the Finance Bill includes...more