Section 97B Transfer between depositary receipt system and clearance system.F1
United Kingdom
There shall be no charge to tax under section 93 or 96 above where securities are transferred between a depositary receipt system and a clearance system.
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
A transfer between a depositary receipt system and a clearance system means a transfer—
from (or to) a company which at the time of the transfer falls within section 67(6) above, and
to (or from) a company which at that time falls within section 70(6) above.
This section does not apply to a transfer from a clearance system (that is, from such a company as is mentioned in subsection (2)(b) above) if at the time of the transfer an election is in force under section 97A above in relation to the clearance services for the purposes of which the securities are held immediately before the transfer.
Annotations
Textual amendments
- F1
S. 97B inserted (with effect in as mentioned in s. 134(5)(b) of the amending Act) by Finance Act 2000 (c. 17), s. 134(2)
- F2
S. 97B(1A) omitted (with effect in accordance with Sch. 11 para. 25 of the amending Act) by virtue of Finance Act 2024 (c. 3), Sch. 11 para. 16
Notes on Part IV
Modifications
- C1
Pt. 4: construed as one with 1999 c. 16, Pt. VI (27.7.1999) by Finance Act 1999 (c. 16), s. 123(1)
- C2
Pt. 4: power to restrict conferred (27.7.1999) by Finance Act 1999 (c. 16), s. 119 (with s. 123(4))
- C3
Pt. 4: power to extend conferred (1.5.1995) by Finance Act 1995 (c. 4), s. 152(2)(b)(6)
- C4
Pt. 4: 2019 c. 1, s. 48 construed as one with this Part (with effect in accordance with s. 48(12) of the amending Act) by Finance Act 2019 (c. 1), s. 48(11)
- C5
Pt. 4: 2019 c. 1, s. 48A construed as one with this Part by 2019 c. 1, s. 48A(9) (as inserted (22.7.2020) by Finance Act 2020 (c. 14), s. 78)
Notes on Other charges: clearance services
Textual amendments
- F1
S. 96 cross-heading inserted (with effect in accordance with Sch. 11 para. 25 of the amending Act) by Finance Act 2024 (c. 3), Sch. 11 para. 11(1) (with Sch. 11 para. 27)
Notes on Depositary receipts and clearance services: further exceptions
Textual amendments
- F1
Ss. 97AB-97AD and cross-heading inserted (with effect in accordance with Sch. 11 para. 25 of the amending Act) by Finance Act 2024 (c. 3), Sch. 11 para. 15