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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 - interaction with CREST

The CREST system is operated by Euroclear UK & Ireland Ltd., which is authorised under Treasury regulations to operate a ‘relevant system’ for settling transactions in uncertificated (or ‘dematerialised’) UK securities. It deals with the vast majority of all transactions which fall within the Stamp Duty Reserve Tax (SDRT) regime. When a UK share transaction is reported to the CREST system for settlement, a CREST member must also input a CREST Transaction Stamp Status value to indicate the rate at which SDRT is to be debited by the system from his account or an exemption from the tax claimed

The CREST system will collect any relevant SDRT due on a UK share transaction from its participating members and pays the tax to HMRC. The CREST system also provides HMRC with a daily data feed of all transactions processed in the system

Further information on the flags available and the use made of the transaction data can be found at STSM133050 and STSM131070.