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ECJ rules that the stamp duty reserve tax charge on entry into a clearance system is illegal under EU law; may have wider implications

  • Herbert Smith Freehills LLP
  • -
  • European Union, United Kingdom
  • -
  • October 5 2009

In a case last week, HSBC Holdings plc and Vidacos Nominees Ltd v HMRC (C-56907), the European Court of Justice (“ECJ”) held that the 1.5 UK stamp duty reserve tax ("SDRT") charge on the issue of shares into EU clearance systems is illegal