CREST: CREST & SDRT: centrally generated tax status
There are circumstances when the tax status of an account can be pre-set in CREST. In such circumstances CREST will automatically apply the pre-set tax status when settling a transaction: this will override any transaction status flag input by participants when they enter details of the transaction into CREST.
Some of the most common ones are:
|“A”||0.5% SDRT due (this is the default code, where SDRT is due at the standard rate).|
|“C”||1.5% SDRT due for transfers into Depositary Receipt Issuer Schemes and Clearance Services).|
|“Z”||Exempt from SDRT (commonly used for transfers to accounts designated for charity members).|