Beta This part of GOV.UK is being rebuilt – find out what this means

HMRC internal manual

VAT Finance Manual

From
HM Revenue & Customs
Updated
, see all updates

Securities and related services: member firms trading on the London Stock Exchange (LSE) - principals or agents?

Share transactions conducted by member firms on the LSE will be exempt under item 6 of Group 5, Schedule 9 of the VAT Act 1994 if the member is acting as a principal or under item 5 if the member is acting as an agent, (provided the intermediary criteria are met - see paragraph 9.1 of VAT Notice 701/49 Finance and VATFIN7000). The contract note appertaining to the share transaction must state which it is.