Davis Polk partner Dominic Foulkes authored “Section 20 and Schedule 11: Capital-raising arrangements etc.” in British Tax Review. In the article, Dominic discusses section 20 and schedule 11 of the Finance Act 2024, which provides for charges to stamp duty and stamp duty reserve tax at a higher rate in relation to certain transactions in shares and other securities that involve clearance services and depositary receipt systems. While these changes may look far-reaching, he argues that the practical effect of the amendments is largely to preserve the position under existing law.

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