138 Stamp duty: transfers to depositaries or providers of clearance services
Finance Act 2016 (2016 c 24) | Legislation

138  Stamp duty: transfers to depositaries or providers of clearance services

(1)     Part 3 of FA 1986 (stamp duty) is amended as follows.

(2)     In section 67 (depositary receipts)—

(a)     in subsection (2), for the words from “1.5% of” to the end substitute “1.5% of—

(a)     the amount or value of the consideration for the sale to which the instrument gives effect, or

(b)     where subsection (2A) applies—

(i)     the amount or value of the consideration for the sale to which the instrument gives effect, or

(ii)     if higher, the value of the securities at the date the instrument is executed.”,

(b)     after subsection (2) insert—

“(2A)     This subsection applies where the instrument transferring the securities

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