Chargeable transactions

The principal charge is found in FA 1986, s. 87. Subsection (1) provides that:

‘This section applies where a person (A) agrees with another person (B) to transfer chargeable securities (whether or not to B) for consideration in money or money’s worth.’

Accordingly, for a charge to SDRT to arise, there must be:

(1)an agreement between A and B;

(2)a transfer (whether to B or not);

(3)chargeable securities; and

(4)consideration in money or money’s worth,

unless either stamp duty is paid or the instrument would be exempt from stamp duty.

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