Stamp Duties Consolidation Act 1999 section 78I

American depositary receipts

Section 78I confirmed that the stamp duty charge on transfers of dematerialised securities through a central securities depository did not affect the existing stamp duty exemption for American depositary receipts. It was reepealed by Finance (No 2) Act 2023 section 74(b).

• The section dealt with the interaction between two stamp duty provisions affecting dematerialised securities.
• Section 78B imposes stamp duty on transfers of interests in securities made through a securities settlement system operated by a central securities depository (a CSD).
• Section 90 provides a stamp duty exemption for certain financial services instruments, which includes American depositary receipts.
• Section 78I confirmed that the section 78B charge did not displace or otherwise affect the section 90 exemption for American depositary receipts.