1125. Interaction between stamp taxes.

Both stamp duty and stamp duty reserve tax are chargeable on transactions involving securities, but the stamp duty reserve tax base is broader as it applies to transactions which are not effected by means of an instrument of transfer and the tax is imposed irrespective of the nature of the consideration. Where a transaction involving the transfer of securities triggers both stamp duty and stamp duty reserve tax charges, the payment of stamp duty will avoid or relieve the charge to stamp duty reserve tax