Stamp duty

FORTHCOMING CHANGE relating to the modernisation of stamp taxes on shares framework: Following the call for evidence in 2020, the resulting outcome published in 2021 and consideration by the relevant HMRC and industry working group, the government again sought views (through a consultation opened on 27 April 2023 as part of Tax Administration and Maintenance Day and which closed on 22 June 2023) on proposals to modernise the stamp taxes on shares (STS) framework. The proposal is to introduce a single self-assessed stamp tax on securities, with the tax collected by CREST for transactions undertaken there or, for non-CREST transactions, through a new online HMRC portal that will provide a unique transaction reference number (UTRN) when the tax has been paid. Many of the key elements of the proposed single tax would adopt what currently applies for SDRT (for example, when the charge arises, adopting the current SDRT treatment of warrants and call options, making the buyer the liable person and enforcement provisions, although existing obligations on company registrars would be retained). For uncertain and unascertainable consideration, the proposal is to follow the SDLT rules. Numerous proposals relate