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HMRC internal manual

Stamp Taxes on Shares Manual

CREST: Introduction: overview of CREST

CREST itself is a software package, owned and operated by Euroclear UK & Ireland Limited (EUI). EUI is the only operator of a relevant computer system that has been approved by the Treasury under the Uncertificated Securities Regulations 2001 (SI2001/3755). CREST participants are able to hold shares and settle share transactions in dematerialised form (i.e. without the need for share certificates or stock transfer forms). EUI is regulated in the UK by the Financial Conduct Authority (FCA).

The CREST system is a settlement system - it is not a trading exchange, custodian or a clearance service. It enables shares that have been agreed to be sold from one CREST member to another to be transferred by means of electronic messages without the need for paper certificates or stock transfer forms.

On average over 300,000 transactions are settled each day, resulting in daily cash movements of around £800 billion and daily stock movements of around £1.2 billion. Over 90% of Stamp Duty Reserve Tax (SDRT) is now collected through the CREST system.