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Stock Transfer Form Update
05 September 2012
In April this year HMRC amended the form of the certificate that must be signed on a stock transfer form where ‘ad valorem’ stamp duty is not applicable.
The new form of certificate should now be used on stock transfer forms as the older versions of the form were only accepted for stamping up until 5 September 2012.
The new form of certificate has now been added to cover other exemptions, such as shares transferred to a beneficiary under a will or shares transferred as part of a divorce settlement.
With effect from 6 April 2012 ‘Ad valorem’ duty is charged at the rate of 0.5%, rounded up to the nearest £5, on the consideration for the transfer.
Since 2008, however, if the consideration is less than £1000, no duty is payable provided that the transferor (or their solicitor) certifies the form accordingly.
London Law can assist with all share transfers and other corporate services including changes in Articles and changes to share capital.