FORTHCOMING CHANGE relating to the modernisation of stamp taxes on shares framework: Stamp duty and SDRT will, in 2027, be replaced with a single, self-assessed tax on transfers of securities, the securities transfer tax (STT) (formerly referred to as the securities transfer charge or STC), that will be paid (and reported) through electronic transfer systems such as CREST or, where appropriate, a new online portal. Draft legislation for the STT was published on 13 July 2026, along with explanatory notes, a policy paper and the outcome of the higher rate 1.5% stamp tax consultation. Subject to exemptions, the STT draft legislation includes a main charge of 0.5% for agreements to transfer chargeable securities to another person for consideration in money or money’s worth and, for transfers to a clearance service (CS) or depositary receipt issuer (DRI), a higher-rate charge of 1.5%. The main charge arises when an agreement is made or, in the case of a conditional agreement, when the conditions are satisfied, although, where the agreement is not electronic, the STT

A place for dealing in stocks and shares (equities) such as the London Stock Exchange.

Stock appreciation rights are a common vehicle utilised in the US to offer employees an opportunity to earn an amount equivalent to the appreciation of the company stock price over a pre-specified time period. In the UK, they are typically known as share appreciation rights (SARs). Listed and unlisted companies can grant SARs. In practical terms, a SAR is a form of unapproved (non-tax advantaged) share award, and its structure can be very flexible. In summary, a SAR is: • granted over a specified number of shares, and • has a base value or exercise price, normally set at the market value of the shares at grant SARs can be satisfied using either cash or shares. For a discussion of the differences between a SAR and a phantom option, see Q&A: What is the difference between a phantom option and a SAR? How a SAR works SARs have the same economic effect for the participant as an unapproved share option when exercised, save that: • the employee does not have to pay an exercise price,

A company may only register a transfer of certificated shares if a 'proper instrument of transfer' has been delivered to it (CA 2006, s 770). The form that an instrument of transfer takes is governed by the Stock Transfer Act 1963 (STA 1963) and the articles of association of the company whose shares are being transferred. If the STA 1963 applies, a company's shares may be transferred using the stock transfer form it specifies, rather than any provided for in the company's articles of association. However, the STA 1963 does not invalidate instruments of transfer that would otherwise satisfy the requirements of a company's articles of association.

A financial ratio which shows how fast a company sells its goods, calculated as: sales divided by year-end stocks. If, for example, a company has sales of £60 million and a year-end stock figure of £3.2 million, its stock turn multiple is 18.85. Stock turn is particularly relevant for manufacturing or retailing businesses. The higher the figure, the more efficient the company is in processing stock. The typical multiple for a manufacturer is 5 to 6. Retailers that are doing well and run efficiently will have a much higher multiple because they should be able to put the burden of carrying stock on their suppliers. Another way of looking at stock is to calculate the number of days on average that a company keeps its stock. This is expressed as the year-end stock figure divided by the sales, and multiplied by 365. Using the figures above, £3.2 million divided by £60 million, then multiplied by 365 = 19.46 days.

The Arbitration Institute of the Stockholm Chamber of Commerce, an arbitral institution, based in Stockholm, Sweden. SCC arbitrations are administered and conducted pursuant to the SCC Arbitration Rules. The institution also provides services for ad hoc arbitrations.

Originally produced in partnership with Laura Bolado Title Stockholm Convention on Persistent Organic Pollutants (POPs) of 22 May 2001 Entry into Force 17 May 2004. General entry into force date*Please note each Party has a specific date based on its own ratification (see art 26). Transposition Deadline n/a Amendments Some (see specific sections) Subject Persistent organic pollutants; international agreement Purpose of the Convention The Convention, which is based on the precautionary principle, is a global treaty adopted in Sweden in May 2001 that aims to protect human health and the environment from chemicals known as persistent organic pollutants (POPs) which remain intact in the environment for long periods, become widely distributed geographically, accumulate in the fatty tissue of humans and wildlife, and have harmful impacts on human health or on the environment. Therefore, its main objective is to protect human health and the environment. As no government acting alone can protect its citizens or its environment from POPs the Convention requires its parties to take

Equities (shares) and (in the UK) bonds (loan stocks).

Stoke-on-Trent City Council states that the city could face a lengthy and uncertain process to regain its city status if that protection is not incorporated into the Structural Changes Order (SCO) for Staffordshire’s local government reorganisation (LGR). In its committee report the council states that city status and the ceremonial office of Lord Mayor should be preserved before the current council is abolished, and identifies Charter Trustees as the most appropriate mechanism for carrying forward the historic rights and privileges attached to Stoke-on-Trent’s city status. It further states that leaving the issue to a supplementary order could risk the temporary loss of city status, and that restoration would depend on new Letters Patent, which are infrequently granted. The warning comes as the council prepares for wider reorganisation and devolution plans, with a decision from the Ministry of Housing, Communities and Local Government on the LGR proposals expected this summer and an SCO anticipated in the autumn.

The NAPF inquiry into investment performance measurement in 1991, named after its chairman, Maurice Stonefrost.

Stop Scams UK members have published a joint statement highlighting their united effort to combat fraud through collaboration, intelligence sharing, and innovative solutions. Fraud currently accounts for 41% of all crime in England and Wales. Leading companies from the technology, telecoms, and financial sectors have pledged to work together to protect consumers, build confidence, and drive economic growth. The initiative focuses on sharing intelligence, resources, and developing actionable communication strategies to safeguard consumers from evolving scam threats. The National Crime Agency and Lord Hanson, the Fraud Minister, emphasise the importance of public-private partnerships to disrupt scammers and protect the public.

Familiarity with stop and search powers is important because where a search leads to an arrest, the legality of the stop and search that preceded it can have an impact on the admissibility of evidence and in some cases on the defence that is raised. Statutory powers of stop and search are contained under the Police and Criminal Evidence Act 1984 (PACE 1984) and other key legislation (see below). As these statutory powers are an incursion, albeit temporarily, on the freedom of an individual, the intrusion on the liberty of the person stopped or searched must be brief. PACE Code A governs all police powers to stop and search prior to arrest with the exception of searches conducted under PACE 1984, s 6(1), Aviation Security Act 1982, s 27(2) or those governed by the Codes of Practice issued under the Terrorism Act 2000. A list of the police stop and search powers which are governed by PACE Code A are listed in Annex A of the Code. Practitioners advising on stop and search police powers