• European Court Forces Changes on Certain UK Tax Laws
  • October 13, 2009 | Author: Kevin G. Conway
  • Law Firm: King & Spalding International LLP - London Office
  • Following a decision of the European Court of Justice (ECJ), the UK is abolishing stamp duty reserve tax (SDRT) that would otherwise be chargeable on securities issued into certain EU clearance systems. SDRT is a tax charged on the transfer and, in limited circumstances, issue of shares and certain debt securities of UK companies (or on the shares and certain debt securities of non UK companies where the register of such shares or securities is kept or maintained in the UK) (Chargeable Securities).