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HMRC internal manual

Stamp Taxes on Shares Manual

CREST: Introduction: Delivery versus Payment (DvP)

With around 300,000 transactions being settled daily, purchasers require certainty that the shares they have agreed to buy are delivered without delay. Similarly sellers want to be sure that they will receive prompt payment for the shares that they have agreed to sell. The CREST settlement system ensures that both parties to every transaction can be satisfied because, under arrangements between CREST and the payment banks, payment is guaranteed for securities delivered through CREST. This means that CREST settlement ensures effective ‘Delivery versus Payment’ (DVP)