¶500-420 SDRT: depositary-receipt charge: contravention of EU law
The SDRT charge on issues, transfers or appropriations in relation to a depositary-receipt system described in ¶500-400 and the parallel charge described in ¶500-300 on issues or transfers into a clearance service are matched by similar charges to stamp duty (see ¶400-370 and ¶400-380, respectively).
However, a little under ten years ago, it was established that to a large extent these charges were in contravention of EU law.
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