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HMRC internal manual

Stamp Taxes on Shares Manual

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HM Revenue & Customs
Updated
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CREST: CREST and SDRT: HMRC / Euroclear UK & Ireland Limited agreement

Regulation 4A of the Stamp Duty Reserve Tax Regulations (SI 1986/1711) provides that HMRC may enter into arrangements with any operator of a relevant system for accounting for Stamp Duty Reserve Tax (SDRT) that are different from those applying to other ‘accountable persons’ (See STSM142060).

Under this power, HMRC has entered into a formal Agreement with Euroclear UK & Ireland Limited (EUI), governing how and when the SDRT that CREST collects is to be paid over to HMRC. The Agreement also sets out the checks that HMRC requires CREST to make in operating the SDRT component of its system and ensures that HMRC receives copies of CREST’s internal and external audit reports for assurance purposes.

The Agreement is reviewed every three years.