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HMRC internal manual

Stamp Taxes on Shares Manual

Introduction to Stamp Duty on shares and Stamp Duty Reserve Tax (SDRT): more about Stamp Duty and SDRT: Stamp Duty Reserve Tax - the accountable date

The accountable date is defined in Regulation 2 of the Stamp Duty Reserve Tax Regulations 1986 (SI 1986/1711):-

  • for transactions effected by means of a relevant system such as that operated by CREST, it is the date agreed by HMRC and the operator of that system. If no such agreement is in place, then the accountable date is fourteen days following the date of the relevant transaction
  • for transactions effected otherwise than through a relevant system, the accountable date is the seventh day of the month following the month in which the relevant transaction (i.e. an unconditional agreement to transfer) took place

Relevant system has the meaning given by Regulation 2(1) of the Uncertificated Securities Regulations 1995, effectively a computer-based system, and procedures, which enable title to units of a security to be evidenced and transferred without a written instrument.

Relevant transaction means an agreement where there is a charge to SDRT falling within FA86/S87(1); a transfer or appropriation falling within FA86/S93(1) [Depositary receipt issuer]; or a transfer falling within FA86/S96(1) [operator of a clearance service].

More detailed information can be found at STSM030000.