Inland Revenue Stamp Taxes, SDRT Operations has recently reviewed its procedures with regard to the processing of Unit Trust & Open Ended Investment Company (OEIC) monthly notices (Schedule 19 Finance Act 1999) for the purpose of SDRT payment. As a result of this review, we will be introducing procedural changes to the way in which we deal with the monthly notices.
In the past, Fund Managers/Trustees have been aware that the figures included in all their monthly notices have been recorded and scrutinised to ensure the accuracy of the calculations undertaken. New procedures to be introduced by SDRT Operations will include detailed assurance checks that will involve a review of a random selection of notices received. Fund Managers will, upon request, be required to provide necessary supporting material, to verify the figures and SDRT exempt declarations recorded on their monthly notices.
In relation to a charge to SDRT on the surrender of a unit or an OEIC share under paragraph 2(1) of Schedule 19 Finance Act 1999, the provisions of Regulation 2(f) and (g) of The Stamp Duty Reserve Tax Regulations 1986 (SI 1986/1711) define the unit trust manager (or trustee) or the authorised corporate director of an OEIC as the "accountable person" for forwarding notice and payment of SDRT due to the Inland Revenue. In undertaking our assurance reviews, whilst it is appreciated that some Fund Managers and ACD’s outsource their work to third party Administrators, who retain much of the required material, our requests for additional information or clarification will initially be directed to the SDRT "accountable person".
Wherever possible we will endeavour to keep our requests for further supporting material to a minimum.
To enable us to maintain accurate assurance records, it would be appreciated if monthly notices were forwarded for all existing funds, including funds where no charge to SDRT arises, although it is acknowledged that this may result in many ‘Nil’ notices being submitted.
Please note that for future payments of SDRT, we will issue a Receipt to the party forwarding the SDRT payment i.e. if the Trustee has forwarded payment, then it will be the Trustee who will receive the Receipt from our office.
NB Please ensure that all CHAPS payments include your unique Inland Revenue "3 alpha" reference to enable us to match the payment to the relevant monthly notice(s).
To assist with the information required from Fund Managers, we are happy to accept details on Disk (Floppy or CD). At the present time however, we are unable to accept information via e-mail.
All enquiries regarding the content of this Newsletter should be forwarded to:-
Inland Revenue Stamp Taxes
SDRT Operations Unit,
Room 5, East Block
Barrington Road,
Worthing,
West Sussex
BN12 4SE
Telephone : 01903-509583 or 01903-509465
Fax: 01903-509462
From 17 November 2006, all enquiries should be sent to:
Birmingham Stamp Office
SDRT Team
9th Floor
City Centre House
30 Union Street
Birmingham
B2 4AR
Telephone: 0845 603 0135
Fax: 0121 633 3921
