96 Clearance services [: 1.5% charge]
Finance Act 1986 (1986 c 41) | Legislation

[Other charges: clearance services]

96  Clearance services [: 1.5% charge]

(1)ÌýÌýÌýÌý . . . There shall be a charge to stamp duty reserve tax under this section where—

(a)ÌýÌýÌýÌý a person (A) whose business is or includes the provision of clearance services for the purchase and sale of chargeable securities has entered into an arrangement to provide such clearance services for another person, and

(b)ÌýÌýÌýÌý in pursuance of the arrangement, chargeable securities are transferred . . . to A or to a person whose business is or includes holding chargeable securities as nominee for A.

[(1A)ÌýÌýÌýÌý The following provisions contain exceptions to the charge to stamp duty reserve tax under this section—

(a)ÌýÌýÌýÌý subsection (5) of this section (exception so far as stamp duty is chargeable);

(b)ÌýÌýÌýÌý section 97 (general exceptions);

(c)ÌýÌýÌýÌý section 97ZA (exception for replacement securities);

(d)ÌýÌýÌýÌý section 97A (election for alternative system of charge);

(e)ÌýÌýÌýÌý section 97AB (exempt capital-raising transfers);

(f)ÌýÌýÌýÌý section 97AC (exempt listing transfers);

(g)ÌýÌýÌýÌý section 97AD (exception for transfers of shares held by issuing company);

(h)ÌýÌýÌýÌý section 97B (transfers between depositary receipt system and clearance system).]

(2)

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