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09 September 2009
Revised view following legal advice
In light of legal advice, HMRC have revised their view of the stamp duty treatment of a company’s purchase of its own shares held on an overseas branch register.
They now consider that this is relieved from stamp duty by Companies Act 2006, s 133.
They had previously said that the return the company is required to send to Companies House was chargeable with stamp duty at the rate of 0.5% under the provisions of FA 1986, s 66.
Claims to repayment of stamp duty paid made within two years of the date of the instrument may be now made by any company that has purchased its own shares held on the company’s overseas branch register.
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