Transmission on death and other exempt transfers

What is the correct certification (if any) on stock transfer forms to deal with transfers of shares which are exempt from stamp duty, eg on death. 

The pre 2008 budget form had various categories to choose from to show that the transaction was exempt, which was then certified by the transferor.

The stock transfer from post budget 2008 refers to

I/we certify that the transaction effected by this instrument does not form part of a larger transaction or series of transactions in respect of which the amount or value, or aggregate amount or value, of the consideration exceeds £1,000.

Should the form be:

(1) signed with this wording (this is what the Stamp office told me)

or

(2) signed but with the wording changed to specify the reason why exempt - eg I confirm that this is a transfer arising under death.

or

(3) should the second page of the form be ignored completly (crossed through as not applicable or just not printed out.

Thanks.

 

 

Comments

Share Transfer on death

janetevans | | Permalink

I believe the correct version is as given by the Stamp Office, no money changes hands - consideration is nil

Stamp Duty Certification

alastairfriend@... | | Permalink

My understanding is that there is a provision to have stamp duty exempted on transfer of shares on death etc, and all you need to to do is complete the back of the stock transfer form with the correct letter and get it signed correctly.  The second part of the form is irrelevant as it is already exempt. I would cross it out, with N/A put across it. I do not understand the advice from HMRC? 

However to be sure and if you want to transfer the shares or otherwise speak to the relevant Registrar, they are the ones who will accept or reject the stock transfer form.  

I hope this helps

 

 

 

 

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A space for practitioners to contribute and ask questions relating to company secretaries, particularly with reference to the new Companies Act 2006.