Stamp Duty - temporary electronic stamping procedures given permanent status

HMRC has confirmed that the new Stamp Duty processes introduced on 25 March 2020 now have permanent status.

Stamp Duty notifications in relation to stock transfers can therefore still be emailed to HMRC at stampdutymailbox@hmrc.gov.uk.

HMRC’s update includes a reminder that:

• Stock transfer forms must be fully completed, signed and dated.
• HMRC will accept e-signatures.
• If adjudication has been obtained on the quantum of stamp duty payable, the electronic correspondence/agreement with HMRC should be attached to the stock transfer form email.
• Scanned PDF copies of documents are acceptable.

After HMRC has checked a stock transfer form, it will send a letter confirming:

• Receipt of the Stamp Duty.
• Details of the transaction(s) concerned, and the verification codes.
• That the stock transfer form or instrument of transfer has been duly stamped, so that the Registrar may register the new ownership of the shares.

It should also be noted that:

• Documents submitted under the electronic stamping procedure should not be resubmitted to be stamped under the physical stamping process.
• Requests for adjudication (eg of claims for various reliefs) should also be submitted by email to stampdutymailbox@hmrc.gov.uk.
• If you cannot submit forms electronically, stock transfer forms can still be sent by post for stamping.

For further information, or for assistance, please contact us.