¶500-185 SDRT: principal charge: exception for transfers to intermediaries
Where an agreement is made to transfer securities to a person who is an intermediary recognised as such by a regulated market, or to such a person’s nominee, and those securities are of a kind that is regularly traded on such a market, the agreement is not subject to the principal charge to SDRT. It is a condition that the intermediary be a member of the regulated market concerned and that the arrangements for recognition of intermediary status be approved by HMRC (FA 1986, s. 88A(1)).
Want to read more?
This content requires a Croner-i Tax and Accounting subscription.