Stamp Duties Consolidation Act 1999 section 78B

Transfer of interest in securities through relevant system

Section 78B charges stamp duty on an interest in securities the title to which is transferred electronically through a relevant system, such as a securities settlement system operated by a central securities depository like Euroclear Bank.

• A transfer order effecting an electronic transfer of securities through a relevant system is treated as an executed instrument of transfer, with execution dated to the date of the transfer order.
• A transfer order effecting a transfer outside a relevant system is treated as though it had been made through a relevant system, and is charged in the same way.
• Where a single netted settlement covers two or more contracts for the same type of securities, each individual contract is treated as a separate transfer order so that each is charged separately.
• The charge does not apply where the securities are dealt in on a recognised stock exchange in the United States or Canada and the relevant system is operated by a CSD located in the United States or Canada.