Q&As

A number of share transfers took place several years ago which were for nominal sums, and in each instance well below the £1,000 threshold for stamp duty. Unfortunately, the parties did not arrange for the certification of exemption from stamp duty to be completed on the stock transfer forms. Is it possible for the certificates on the stock transfer forms to be signed and dated now, or do the stock transfer forms need to be sent to the stamp office and stamp duty paid?

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Produced in partnership with Sean Randall of Blick Rothenberg
Published on LexisPSL on 10/01/2019

The following Tax Q&A Produced in partnership with Sean Randall of Blick Rothenberg provides comprehensive and up to date legal information covering:

  • A number of share transfers took place several years ago which were for nominal sums, and in each instance well below the £1,000 threshold for stamp duty. Unfortunately, the parties did not arrange for the certification of exemption from stamp duty to be completed on the stock transfer forms. Is it possible for the certificates on the stock transfer forms to be signed and dated now, or do the stock transfer forms need to be sent to the stamp office and stamp duty paid?

Strictly, two consequences could follow from the over-sight:

  1. a maximum penalty of £300 could be imposed on the company secretary under section 17 of the Stamp Act 1891 for registering each share transfer in the absence of certificate 1 being completed on the reverse of the form or the form being duly stamped with £5

  2. stam

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