STSM022210 | Scope of stamp duty on shares: stamp duty: adjudication, stamps and reliefs: sales to intermediaries

Section 80A FA1986 provides relief from Stamp Duty, subject to certain conditions, for the transfer of stock to a recognised ‘intermediary’.

An intermediary is a person who carries on a bona fide business of dealing in stock and does not carry on an excluded business.

Intermediaries may be recognised by the trading platform (a regulated market, multilateral trading facility (MTF), recognised foreign exchange (RFE) or recognised foreign options exchange (RFOE)) which they are a member of, or directly approved by HMRC (see STSM042070, STSM042075, and STSM042110).

Detailed guidance on intermediary relief can be found starting at STSM042050.

See STSM022230 for the meaning of regulated market, MTF, RFE, and RFOE.