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For stamp duty relief under section 77 of the Finance Act 1986 (FA 1986) to apply, must the acquiring company in a share for share exchange have a share structure identical to the target company?

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Published on: 16 January 2023
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Full stamp duty relief may be available for the acquiring company in a share-for-share exchange if section 77 of the Finance Act 1986 (FA 1986) applies and the instrument of transfer is adjudicated by HMRC.

As outlined in Practice Note: Stamp duty reliefs—intra-group, reconstruction and acquisition reliefs, there are a number of conditions that must be met in order for the relief in FA 1986, s 77 to apply. Even if all of the conditions are met, the stamp duty relief cannot apply unless the instrument of transfer has been adjudicated by HMRC as not being chargeable to stamp duty (FA 1986, s 77(2), STSM022100 and STSM022130). For more information on the procedure for submitting a claim for relief under FA 1986, s 77, see Practice Note: Stamp duty reliefs—intra-group, reconstruction and acquisition reliefs and, in particular, the section on: Procedure for claiming stamp duty relief and

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