Business tax – guidance

SD and SDRT: Intermediary and Stock Lending Reliefs – FA 2007 changes

This note describes changes to the legislation, which took effect on 1 November 2007, and explains how the relief will operate in practice.

Detail

The significant legislation changes made at Section 73 and Schedule 21 Finance Act 2007 to the Stamp Duty and Stamp Duty Reserve Tax (‘SDRT’) intermediary and stock lending relief to reflect the implementation in the United Kingdom of the Markets in Financial Instruments Directive 2004/39/EC (‘MiFID’). All statutory references are to the provisions of Finance Act 1986, as amended by Finance Act 2007.