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STAMP TAXES |
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Stamp duty land tax See TM ¶9422 The disclosure of tax avoidance scheme rules will be extended to arrangements concerning residential property with a value of at least £1 million, from a date to be announced but no later than 1 April 2010. Schemes made available before the implementation date will not have to be disclosed after that date. Stamp duty reserve tax See TM ¶9668 The European Court of Justice ruled in October 2009 that the UK is not entitled to apply a 1.5% stamp duty or stamp duty reserve tax charge when new shares are first issued to an EU clearance service or depositary receipt system. There are various exemptions in place to prevent double taxation but since the UK has accepted the ECJ’s decision these are no longer necessary. Legislation taking effect from 1 October 2009 will therefore remove the exemptions for transfers where companies and issuers of depositary receipts arrange for shares to be issued to an EU clearance service or depositary receipt system (free of stamp duty or stamp duty reserve tax) and the shares are subsequently transferred to a depositary receipt system or clearance service outside the EU.
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