For the principal charge to SDRT to apply, there must be an agreement to transfer chargeable securities for consideration in money or money’s worth (FA 1986, s. 87(1)); see ¶500-100.

By contrast with stamp duty again, consideration need not be in a specified form (i.e. money, stock or marketable securities or debt – see ¶400-600), as long as it is in money or money’s worth. Where the consideration is not in money, it is valued at its market value (FA 1986, s. 87(7)).

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