Exemptions and reliefs: reliefs: Intermediary Relief - applying to be an intermediary
An application to become an intermediary is sent to the relevant exchange or Multi-Lateral Trading Facility (MTF) confirming that the qualifying conditions for relief are met. In accordance with its approved arrangements with HMRC, the exchange/MTF concerned checks the application and then forwards it to Stamp Taxes - SDRT Operations.
If and when SDRT Operations authorise and confirm the status of the person as a recognised intermediary, SDRT Operations forwards the details to the various share transaction settlement systems (CREST and FA86/S97A elected clearance service operators i.e. Euroclear and SegaIntersettle) as appropriate. The relevant systems then ensure that intermediary relief is applied to on-exchange transactions involving that intermediary.