Stamp Duty Reserve Tax: exemption for certain investments in Collective Investment Schemes - Mazars - United Kingdom
Stamp Duty Reserve Tax: exemption for certain investments in Collective Investment Schemes
HMRC has stated that they intend to exempt certain investments made by Collective Investment Schemes from Schedule 19 Stamp Duty Reserve Tax (“SDRT”) charges.
Currently, SDRT is charged at 0.5% on the consideration paid for shares by taxable persons. Finance Act 1999 Schedule 19 introduced a charge to deal with for transactions within unit trusts and Open Ended Investment Companies.
Under Schedule 19, fund managers are required to pay SDRT charges incurred on units surrendered on a monthly basis. This charge is reduced by taking into account exempt investments in the fund and units issued in the month.
The exemption would be aimed at removing the charge from investments in underlying funds that do not largely invest in UK equities.
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