Stamp Duties Consolidation Act 1999 section 78C

Relief for intermediaries and clearing houses

Section 78C extends the existing stamp duty exemptions for recognised intermediaries and recognised clearing houses so that they also apply to transfer orders made within a central securities depository.

• A transfer order to a recognised intermediary, or a deemed transfer order, is exempt from stamp duty on the same basis as the existing relief for intermediaries.
• A transfer order to a recognised clearing house, or a deemed transfer order, is exempt from stamp duty on the same basis as the existing relief for clearing houses.
• The reliefs already available in section 75 (intermediaries) and section 75A (clearing houses) are carried across to the dematerialised securities regime.
• The effect is to relieve brokers who acquire stocks or marketable securities through a CSD on behalf of their clients.