Electronic Share Trading (CREST)

Where the transfer takes place electronically through the CREST system a 1% charge also arises.

CREST

CREST is the name of an electronic system, which settles transfers of shares that are dealt with on selected exchanges.

The Companies Act, 1990 (Uncertificated Securities) Regulations, 1996 (S.I. No. 68 of 1996) gave Irish companies the option of allowing their shareholders:

  1. to evidence their title to shares otherwise than by a share certificate, and
  2. to transfer their shares electronically i.e. without a stock transfer form.

The Regulations provide that electronic transfers must be effected through an electronic system the operator of which has been approved by the Minister for Enterprise and Employment (or by a body designated by the Minister) or by the appropriate authority in another Member State of the European Union. CRESTCo Ltd which is now known as Euroclear UK & Ireland Limited, was approved to operate a system (called CREST) through which shares can be transferred electronically.

The Stamp Duties Consolidation Act, 1999, supersedes the legislation enacted in the 1996 Finance Act. Sections 68 to 78 deal with electronic transfer of shares.

Finance Act 2007

Until 1 October 2007 users of the CREST System were able to apply for exemptions such as Market-Maker and reliefs such as Broker Dealer, Closings etc. However the Finance Act 2007 removed these, and introduced new reliefs i.e. Central Counterparty Relief and Intermediary Relief.

Further information on Intermediary Relief and Central Counterparty Relief can be found in the below linked guidance notes. Please note that the introduction of automated Intermediary Relief in the Crest System on Jan 28 2008, means that Section 5.4 of the August 2007 Guidance note is no longer relevant.

Please read the above linked guidance notes before completing the following application form

Reclaim Forms

Interest and Penalties - Late Payment of Stamp Duty

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