HMRC has announced details of a new enhanced SDRT assessment service which is intended to go live in June 2014. The aim of the new service is to help rebalance the established market practice of gross transactions being sent for reporting and assessment for SDRT at a centralised point.

Most SDRT is currently assessed through CREST, the electronic settlement and registration system. However there has been an increasing trend recently for gross transactions in securities to be aggregated or netted off outside of CREST before settlement, which means that the gross transactions cannot be assessed as required by the legislation.

HMRC, in consultation with key market participants and stakeholders, has therefore asked Euroclear UK and Ireland Limited to develop and deliver a new enhanced SDRT assessment service.