The Advocate General concluded in March that the 1.5% SDRT regime for the issue or transfer of securities into clearance services is contrary to EU Law, breaching Article 56 of the EC Treaty and the Capital Duty Directive 69/335.

The ECJ judgment will be released on 1 October 2009.

If you have made secondary listings involving a clearance service in EU Countries or non-EU Countries (e.g. US depositary receipt systems), please let us know if you are interested in pursuing a reclaim for the repayment of the 1.5% SDRT charge including compound interest.