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Article

Herbert Smith Freehills LLP | United Kingdom, European Union | 5 Oct 2009

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

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.

Article

Herbert Smith Freehills LLP | United Kingdom, European Union | 2 Apr 2009

ECJ Advocate General rules that the stamp duty reserve tax charge on entry into a clearance system is illegal under EU law

Companies that have paid stamp duty reserve tax ("SDRT") on issuing shares into a clearance service on a listing on a non-UK stock exchange should take note of the Advocate General's opinion in the ECJ case of HSBC Holdings plc v HMRC (C-56907).

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