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This consultation seeks comments on draft legislation to stop avoidance of stamp tax where ‘deep in the money’ options are used to transfer shares to a depositary receipt issuer or clearance service.
This technical consultation will be of interest to businesses or individuals who enter into option contracts over UK securities or are involved with the business of issuing depositary receipts or providing clearance services.
HMRC has published draft legislation, together with a Tax Information and Impact Note, for a period of technical consultation which will close on 3 February 2016.