Stamp Duty Reserve Tax

HM Treasury written question – answered on 23rd December 2015.

Alert me about debates like this

Photo of Baroness Worthington Baroness Worthington Labour

To ask Her Majesty’s Government how much stamp duty reserve tax has been repaid following the 2012 decision of the First-Tier Tribunal (Tax) in the case of HSBC Holdings PLC and the Bank of New York Mellon Corporation v HMRC (TC/2009/165484).

Photo of Lord O'Neill of Gatley Lord O'Neill of Gatley The Commercial Secretary to the Treasury

The First Tier Tribunal in the case of HSBC Holdings PLC and the Bank of New York Mellon Corporation v HMRC decided in March 2012 that the taxing of Stamp Duty Reserve Tax at 1.5% on a transfer of shares which is integral to a share capital raising exercise to a depositary receipt issuer or clearance service, infringed the Capital Duty Directive. Following that decision, HMRC has repaid a total of £168 million Stamp Duty Reserve Tax to various claimants.

Does this answer the above question?

Yes0 people think so

No0 people think not

Would you like to ask a question like this yourself? Use our Freedom of Information site.