Electronic Share Trading (CREST)

Overview

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

A Stamp Duty charge of 1% arises where the transfer of Irish securities takes place electronically through the CREST electronic clearing system.

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

• to evidence their title to shares otherwise than by a share certificate
• and
• to transfer their shares electronically without a stock transfer form.

The Regulations provide that electronic transfers must be made through an approved electronic clearing system.

CREST Co Ltd, now known as Euroclear UK & Ireland Limited, was approved to operate a system (called CREST). This is the system through which shares can be transferred electronically.

The Stamp Duties Consolidation Act, 1999, Sections 68 to 78 deals with the electronic transfer of Irish securities.

Further information on electronic share trading in Irish securities can be found in the Crest manual. You may be liable for interest and penalties for late payment of Stamp Duty.

Guidance note on Intermediary relief and Central Counterparty Relief.

Please read the above guidance note before completing the application form below:

• Recognised Intermediary form

Application forms to reclaim stamp duty can be found at the links below:

• Reclaim declaration form
• NCBO reclaims form

Next: Designated exchanges or markets for the purposes of intermediary relief