Converting Share Certs to Electronic Form - does 1% Stamp Duty apply?

J

Joe Nonety

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I was looking to convert a paper Irish Share Cert to electronic form, possibly through Davy Select.
I noticed on the Revenue site, this link saying "A Stamp Duty charge of 1% arises where the transfer of Irish securities takes place electronically through the CREST electronic clearing system."
Would the 1% stamp duty apply when I transfer my Share Cert to electronic form through CREST?
Or is the stamp duty only when I cash in my shares?
I may also transfer the shares from Davy Select to another broker, presumably I just have to pay the Brokers' fees for that and not any stamp duty?
 
Joe Nonety said:
I was looking to convert a paper Irish Share Cert to electronic form, possibly through Davy Select.
I noticed on the Revenue site, this link saying "A Stamp Duty charge of 1% arises where the transfer of Irish securities takes place electronically through the CREST electronic clearing system."
Would the 1% stamp duty apply when I transfer my Share Cert to electronic form through CREST?
Or is the stamp duty only when I cash in my shares?
I may also transfer the shares from Davy Select to another broker, presumably I just have to pay the Brokers' fees for that and not any stamp duty?
Click to expand...

Stamp duty only applies when transferring from one beneficial owner to another - not when moving location (from one broker to another) or changing form (physical to electronic) with the same owner.

Probably best to emphasise with Davy's (or whoever) that the transfer should be flagged as "No Change in Beneficial Owner" ("NCBO")
 
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