Revenue has restructured the Tax and Duty Manual which provides guidance on the application of special provisions relating to uncertificated securities. Part 6 of the Stamp Duties Consolidation Act 1999, which currently comprise sections 75, 75A, and 78A to 78J, makes provision for electronic transfers of interests in securities (such as shares) to be chargeable to stamp duty. Stamp duty is to be charged by deeming the transfer order which effects the transfer of an interest in securities to be an executed instrument of conveyance or transfer of the securities concerned.
Additional guidance has been added regarding:
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The circumstances in which a conveyance or transfer of securities is chargeable with stamp duty;
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The accountable person in relation to a transfer order; and,
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Clarification that where a transfer order effects the transfer of an interest in securities outside a relevant system, the obligation to retain records does not apply in relation to a Central Securities Depository (CSD). Revenue accepts that the obligation to retain records does not apply in respect of any transfer order which is excluded from the scope of section 78B by virtue of subsection (4) of that section SDCA 1999.