Where a person ('A') agrees with another person ('B') to transfer1 chargeable securities2 (whether or not to B) for consideration in money or money's worth3, there is a charge to stamp duty reserve tax on the relevant day4. The provision so made is subject to certain exceptions5.
Provision is made for repayment or cancellation of the charge if an instrument of transfer is executed and stamp duty is paid within six years6.
Tax under these provisions is charged at the rate of 0.5 per cent of the amount or value of the consideration for the agreement to transfer the chargeable securities7
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