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UK Stamp Duty changes impacts on UK securitisations

United Kingdom
04/10/2000
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Moody's Investors Services ("Moody's") has summarised its views on recent changes in the stamp duty legislation relating to the UK consumer finance securitisation market (An Overview of UK Stamp Duty and its impact on the UK Securitisation Transactions - August 2000).

Changes are made as a result of anti-avoidance provisions in the Finance Act 2000. In particular, in connection with relief from transfer stamp duty on property transferred between associated companies (s42 of the Finance Act 1930) which has been changed in an effort to prevent tax avoidance by manipulation of corporate group structure.

The Finance Act 2000 also raised the rate of stamp duty payable on asset sales (other than shares) over GBP 500,000 from 3.5 percent to 4 per cent for any documents executed after 28 March 2000, unless it is related to intellectual property which is now exempted from duty.

The Moody's report also outlines other stamp duty issues relevant to securitisation.

If you would like further information on the above please contact partners Ashley Painter by telephone on +44 (0) 207 367 3135 or by e-mail [email protected] or Richard Croker by telephone on +44 (0) 207 367 2149 or by e-mail [email protected].

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