Stamp Duties Consolidation Act 1999 section 120A

Relief in respect of certain payments of stamp duty

Section 120A provides relief from companies capital duty where a company increases its issued share capital within four years following a reduction in that capital that resulted from losses sustained by the company.

• Granted relief from companies capital duty on share capital increases following a loss-driven capital reduction.
• Available where the share capital increase occurred within four years of the earlier reduction.
• Replicated section 71(6) of the Finance Act 1973, which had been inadvertently omitted when the SDCA 1999 was enacted.
• Companies capital duty itself was abolished for transactions taking place on or after 7 December 2005.