Stamp Taxes - Customer Newsletter - Stamp Duty Reserve Tax (SDRT)

July 2002 Issue No.2

Background

Stamp Taxes has been reviewing its procedures with regard to the way SDRT is administered in relation to the Unit Trust and OEIC Monthly Returns (Schedule 19 Finance Act 1999). As a consequence of the review, we will be introducing changes to the way in which Monthly Returns are processed within SDRT Operations Unit (Worthing).

New Procedures

In the past, Fund Managers/Trustees have been aware that detailed checks have been undertaken by SDRT Operations Unit on all Unit Trust/OEIC returns submitted to ensure validity. The new procedures will provide for additional assurance checks against a "sample" of the returns received. Fund Managers/Trustees will, upon request, be required to provide supporting material (on a small random selection of funds) as a means of substantiating the figures recorded on the Monthly Return. These checks will also include SDRT exemption categories such as exempt 3rd party transfers and pro rata in-specie redemptions.

It is appreciated that this may cause additional work to Fund Managers/Trustees, but we will endeavour to keep this to a minimum.

All enquiries surrounding the content of this Newsletter are to be addressed to:-

Stamp Taxes
SDRT Operations Unit
Room 5 East Block
Barrington Road
Worthing
West Sussex
BN12 4SE

Telephone: 01903 509928 or 509469

Please note change of address

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

Tel: 0845 603 0135
Fax: 0121 633 3921