On 9 November 2015, HMRC updated its guidance on stamp duty and SDRT on transfer schemes of arrangement. This follows the prohibition, in March 2015, of cancellation schemes (see here for our earlier commentary on this).

Of particular interest is the statement that HMRC will regard the court order itself as being the “principal instrument” for stamp duty purposes (on which duty is payable) where (i) the scheme makes no reference to a separate instrument to be executed in order to transfer the shares, or (ii) the scheme specifically refers to the order as being the instrument of transfer.

The revised guidance can be found here.