Section 73 Exemptions

(1) This section contains an exemption from stamp duty in respect of an operator– instruction effecting the transfer of rights to securities in a quoted company, on or after 1 March 2003, by way of a renunciation of those rights under a letter of allotment. In addition, all the exemptions which apply when shares are transferred using stock transfer forms (see Part 7) apply to shares transferred electronically.

(2) The deposit of securities into the CREST system so that they can be converted from paper to electronic form (i.e. dematerialisation) does not attract a stamp duty charge if the legal ownership only is being transferred. This subsection applies to written transfers only.

Relevant Date: Finance Act 2014