United Kingdom II - Clearstream

United Kingdom II 

equities, corporate bonds and investment trusts 

Key features 

Key services offered Remarks 

Settlement free of and against payment Yes Eligible settlement currency: British Pound (GBP), Euro (EUR) 

and U.S. Dollars (USD) 

Back-to-back processing Yes Book-entry equities only 

Lending and borrowing No UK equities, investments trusts and corporate bonds are not 

eligible for CBL’s lending and borrowing programme 

Bridge transactions (CBL-Euroclear) No Bridge closed for UK equities, investments trusts and 

corporate bonds 

Pre-matching Yes Equities and corporate bonds only 

Sale and purchase of rights Yes 

Proxy voting Yes 

Type of link CSD or settlement method 

Indirect link via Citibank, N.A. London a Euroclear UK & Ireland Ltd London (EUI) b 

a. Citibank, N.A. London is hereinafter referred to as Citibank. 

b. Euroclear UK & Ireland Ltd operates CREST, the electronic book-entry settlement system. 

General information 

CBL 1 -eligible security types 

CREST-eligible securities (held in dematerialised form): 

• UK equities; 

• Investment trusts (that is, closed-end funds) 

• Corporate bonds; 

• Warrants. 

Non–CREST-eligible securities (held in physical form): 

• UK equities; 

• Rights related to eligible shares; 

• Investment trusts (that is, closed-end funds), 

• Corporate bonds; 

• Warrants. 

Note: Rights issued in physical certificated form related to CREST-eligible dematerialised equities are 

also eligible in CBL. 

For details of the United Kingdom domestic market for bulldog bonds and government bonds, 

please refer to “United Kingdom I”. 

1. Clearstream Banking, Luxembourg is hereinafter referred to as CBL. 

Clearstream Banking, Luxembourg 11 September 2012 

Creation Link Guide United Kingdom II - 1

Creation Link Guide 

Depository 

CITIBANK, N.A. LONDON Depository Code: 07 

Addresses for physical securities and stock transfer forms 

Physical securities address: Unit trust stock transfer forms address: 

Attn: Citigroup Residuals 

1st Floor 

1 North Wall Quay 

Dublin 1 

Ireland 

Cash correspondent details 

Pre-matching and settlement services 

Attn: Kathryn Lord 

Unit Trust Settlements 

Citigroup 

1st Floor 


Dublin 1 

Ireland 

Registration name and address: 

0.5% SDRT account registration address: 1.5% SDRT account registration address: 

Vidacos Nominees Ltd., CLRLUX2 (00XJJ) 

Vidacos Nominees Ltd., CLRLUX (14XKL) 

Citigroup Centre 

Citigroup Centre 

Canada Square 

Canada Square 

Canary Wharf 

Canary Wharf 

London 

London 

E14 5LB 

E14 5LB 

United Kingdom 


Currency: British Pound (GBP) U.S. Dollar (USD 

CCB name: Barclays Bank PLC, London JPMorgan Chase Bank, New York 

CBL account: GB29 BARC 2032 5350 4088 59 001-1-573714 

SWIFT address: BARCGB22 CHASUS33 

Currency: Euro (EUR) via CCB Euro (EUR) via TARGET2 

CCB name: Barclays Bank PLC, London Banque centrale du Luxembourg 

CBL account: GB85 BARC 2032 5388 6774 55 LU84 9990 0012 8904 200E 

SWIFT address: BARCGB22 TRGTXEPMXXX 

Pre-matching service 

The table below summarises CBL's pre-matching service for external settlement instructions, as well 

as the pre-matching method and start time in the market. For details of CBL's pre-matching services, 

see “Pre-matching services for external settlement instructions”. 

Scope Service offered Method employed Start (local time) 

Equities and 

corporate bonds 

Immediate release flag available Automated through CREST On receipt of instructions 

Connectivity medium Instruction format 

CreationOnline Tick the box to enable the “Immediate Release” option 

Creation via SWIFT and CreationDirect Field :22F::STCO/CEDE/IREL 

11 September 2012 Clearstream Banking, Luxembourg 

United Kingdom II - 2 Creation Link Guide

Settlement times 


All times are given in Central European Time. 

The deadlines shown below are valid provided that the customer's instructions are complete, accurate 

and eligible for straight-through processing (STP) in CBL and in the local market. Customers must also 

ensure that any necessary provision is available. If any of these criteria are not met, CBL cannot 

guarantee timely settlement. 

CREST-eligible securities 

Receipts 

Instruction 

Deliveries 

Matching fines 

To minimise the risk of matching fines and in consideration of the fact that the settlement cycle for UK 

equities is T+3, all customers are recommended to send their free of payment and against payment 

instructions on SD-1 by 14:00. 

Non–CREST-eligible / Physical securities 

Provisioning Deadline for Expected settlement results 

start end 

receipt of valid 

instruction from to value 

AP=Against payment FOP=Free of payment SD=Settlement date 

FOP 21:00 SD-2 16:55 SD 16:55a SD 07:00 SD 18:00 SD 

AP 21:00 SD-2 14:25 SD 14:25a SD 07:00 SD 18:00 SD SD 

FOP 21:00 SD-2 16:55 SD 16:55a SD 07:00 SD 18:00 SD 

AP 21:00 SD-2 14:25 SD 14:25a SD 07:00 SD 18:00 SD SD 

a. The regular settlement period in CREST is trade date plus three local business days (SD=T+3). The ultimate deadline for an 

instruction to be considered for settlement on SD is 16:55 on SD for receipts and deliveries free of payment and 14:25 on SD for 

receipts and deliveries against payment. However, matching in CREST for instructions to and from members’ accounts 

operated under the 0.5% SDRT regime should be performed at the latest by close of business two local business days after 

trade date. 

Receipts 

Instruction 

Deliveries 

Provisioning Deadline for Expected settlement results 

start end 

receipt of valid 

instruction from to value 

AP=Against payment FOP=Free of payment SD=Settlement date 

FOP 11:50 SD-3 11:45 SD-2 11:45 SD-2 22:00 SD-1 18:00 SD 

AP 21:00 SD-3 11:45 SD-2 11:45 SD-2 22:00 SD-1 18:00 SD SD 

FOP 21:00 SD-3 11:45 SD-2 11:45 SD-2 22:00 SD-1 18:00 SD 

AP 21:00 SD-3 11:45 SD-2 11:45 SD-2 22:00 SD-1 18:00 SD SD 




Procedures for domestic counterparties 

If the 

counterparty in 

CBL operates an 

account under 

the standard 

rate of duty of 

0.5% 

If the 

counterparty in 

CBL operates an 

account under 

the standard 

rate of duty of 

1.5% 

Allowed countervalue difference 

Procedure for the domestic counterparty Deadline 

Domestic counterparties must instruct CREST according to the SDRT regime as described 

below: 

a. In the case of free of and against payment receipt transactions by CBL customers: 

- Deliver to: Clearstream Banking participant number 00XJJ 

- For account of: Clearstream Banking, Luxembourg 

- In favour of: Account number of CBL customer 

b. In case of free of and against payment delivery transactions by CBL customers: 

- Receive from: Clearstream Banking participant number 00XJJ 

- By order of: Account number of CBL customer 

a. In the case of free of and against payment receipt transactions by CBL customers: 

- Deliver to: Clearstream Banking participant number 14XKL 

- For account of: Clearstream Banking, Luxembourg 

- In favour of: Account number of CBL customer 

b. In case of free of and against payment delivery transactions by CBL customers: 

- Receive from: Clearstream Banking participant number 14XKL 

- By order of: Account number of CBL customer 

A maximum difference in countervalue of GBP 10,00, EUR 15,00 or USD 15 is allowed for matching and 

settlement of against payment transactions with domestic counterparties. No difference in 

countervalue is allowed for “Own Account Transfer” (OAT) instructions. 

Specific settlement rules / settlement restrictions 

Market 

deadline 

Market 

deadline 

Partial settlement 

Market practice is that a counterparty is entitled to deliver as much of its stock as it can according to 

stock availability and receive as much stock as it can according to cash availability in its CREST account. 

There are no set minimum amounts for partial settlements. A single trade can be partially settled on a 

number of different value dates depending on when the delivering party obtains the stock or the 

receiving party obtains the cash. 

CBL customers are not allowed to initiate splits, whereas CREST counterparties are allowed to initiate 

them. Nevertheless, customers’ instructions might be subject to a splitting process initiated by CREST 

counterparties, in which case the original customer instruction (parent instruction) will automatically 

be reversed and replaced by the corresponding split instructions (sibling instructions): one settled 

instruction for the quantity and amount confirmed; and one outstanding instruction for the remaining 

quantity and amount, which may settle at a different time. 

Nationality Declaration 

Some UK equities eligible in CREST are subject to a Nationality Declaration on transfers in the 

domestic market. 

For holdings of UK securities subject to Nationality Declaration, the registrar must be informed of the 

nationality of the beneficial owner. This process allows issuing companies to monitor the level of 

ownership by foreigners. 

UK equities held in CBL will always be declared to the registrar as held by a Luxembourg national. If a 

CBL customer purchases such securities but, at the point of registration, is unable to register them 

because the limit of foreign ownership has been reached, CBL’s custodian will contact the counterparty 

to arrange for the trade to be cancelled and for any settlement proceeds to be returned. The cash 

account of the customer will be debited at the point of settlement and will be re-credited only upon 

receipt of the monies from the counterparty. Backvaluation will not be applied to the re-credit of funds. 

Note: The breach of the limit does not apply to CBL customer who is a UK national. CBL will advise the 

customer to provide a UK Nationality Declaration so that the trade can be re-instructed by CBL’s 

custodian. 




CBL will accept no responsibility with regard to any problems resulting from the registration process 

applicable to securities subject to Nationality Declaration. 

The following is a non-exhaustive list of issues subject to Nationality Declaration. This list is provided 

for information purposes only and is correct according to the best information available to CBL at the 

time of publication. However CBL accepts no responsibility for any inaccuracies or omissions. 

ISIN Name of Security ISIN Name of Security 

ES0177542018 IAG COM STK GB00B06BLB41 MYTRAVEL ORD 30P 

GB0000109792 MYTRAVEL GROUP GB00B08HCH30 RAB SPEC SIT ORD 1P 

GB0001641991 EASYJET ORD 25P GB00B0WMWD03 QINETIQ GRP ORD 1P 

GB0002634946 BAE ORD 2.5P GB00B1VYCH82 THOMS COOK GRP ORD 

GB0006648827 FIRST CH ORD 3P GB00B1Z7RQ77 TUI TRAVEL ORD 10P 

GB0032836487 ROLLS ROYCE ORD 20P GB00B4QMVR10 FLYBE GRP ORD 1P 

GB00B054QP30 MYTRAVEL A ORD 1P GB00B7KR2P84 EASYJET ORD 

UK stamp duty reserve tax (SDRT) 

Customers will be able to choose either the 0.5% SDRT regime or the 1.5% SDRT regime for the 

clearing and settlement of securities for each of their accounts with CBL1 : 

In order to operate the two SDRT regimes, CBL will maintain two separate accounts in CREST. If a 

customer wants to clear and settle transactions under both SDRT regimes, two separate accounts with 

CBL will be required. Internal transfers from a customer’s account under one SDRT regime to an 

account of the same customer or another customer under the other SDRT regime will not be possible. 

Customer accounts will be subject to the 0.5% SDRT or 1.5% SDRT regimes depending on the 

documentation submitted when opening an account in CBL. A request for application of the appropriate 

regime (see Appendix A and Appendix B respectively) will have to be completed accordingly. 

Customers who want to change the status of existing accounts from the originally defaulted 1.5% SDRT 

regime to the 0.5% SDRT regime must also complete Appendix A. 

Given the two different SDRT regimes under which UK chargeable securities can be held through 

Clearstream Banking, customers are requested to verify the status of their account with Clearstream 

Banking for SDRT purposes before transferring UK chargeable securities to Clearstream Banking. 

Customers should note that a refund of 1.5% SDRT cannot be claimed when securities were received in 

error on an account subject to 1.5% SDRT unless a valid exemption reason applies (for example, new 

issue or a transfer of securities between two CSP accounts, between two DRS account operators or 

between a CSP account and a DRS account operator). Furthermore, no exemption from 1.5% SDRT can 

be claimed on the basis of no change of beneficial owner. 

Note: If the amount of SDRT due cannot be calculated because no price is available, Citibank N.A. may apply a 

default price of GBP 1.00. Customers are therefore recommended to supply a price in all instructions. 

Securities subject to SDRT (“chargeable securities”) 

Chargeable securities include: 

• Shares in UK companies; 

• Shares in foreign companies with a registrar in the UK; 

• Rights, options or interest related to shares (for example, rights to subscribe for shares and 

convertible bonds). 

1. Bridge transactions (that is, between a CBL customer and a counterparty in Euroclear Bank) are not allowed. 




Overview of the SDRT regimes available through Clearstream Banking 

Transactions subject to SDRT Transfer of chargeable securities for 

consideration in money or money's worth, 

for example, a sale. 

External transfers Authorised. In principle external receipts 

are subject to 0.5% SDRT. 

0.5% regime 1.5% regime 

Entry of chargeable securities to a 

clearance system by way of Transfer or 

Issue. 

Authorised. In principle external receipts 

are subject to 1.5% SDRT. 

Internal transfers Not authorised Authorised. No charge to SDRT. 

Exemption from SDRT • Issuing house exemption on new issue; 

• Exemption on transfers with no change 

of beneficial ownership; 

• True agency exemption a ; 

• Market sale exemption b; 

• EU registered charity c. 

Certification / documentation 

requirements 

“Request for application of the 0.5% SDRT 

charge”. 

Note: Certification is mandatory if the 

customer wants to settle transactions 

under the 0.5% regime. 

Upon request: any further details and/or 

documents as requested by Clearstream 

Banking or HM Revenue & Customs 

(HMRC). 

a. Exemption is claimed by the customer as the SDRT has already been accounted for in the previous transaction. 

b. Exemption is claimed by the customer as the SDRT will be accounted for in the future transaction. 

c. Exemption is claimed by the customer as the beneficiary entity is a EU registered charity. 

• Transfer between two Clearance 

Service Providers (CSPs) d; 

• Transfer between two Depository 

Receipt Systems (DRSs) e ; 

• Transfer between a CSP and a DRS; 

• Transfer to a 0.5% account where at the 

time the agreement is made to transfer 

the securities, the said securities are 

held in a 1.5% account. 

“Request for Application of the 1.5% SDRT 

Regime”. 

Note: Certification is mandatory if the 

customer is claiming an exemption 

from 1.5% SDRT. 

Upon request: any further details and/or 

documents as requested by Clearstream 

Banking or HM Revenue & Customs 

(HMRC). 

d. A Clearance Service Provider (CSP) operates a system for holding securities and settling transactions on them by book entry. 

e. A Depository Receipt System (DRS) is a system for holding securities for an entity whose business includes issuing a depository 

receipt for a deposit of securities. 

Services offered under the two regimes 

1. The customer opts for the 0.5% SDRT regime 

- Only external receipts and deliveries can be settled in an account subject to 0.5% SDRT. In 

general, CBL will collect SDRT from the purchaser on all external transfers at the standard 

rate of 0.5% on the stampable consideration amount unless an exemption applies or the 

counterparty is accounting for the SDRT. 

- When the delivering customer is - or is acting on behalf of - the accountable person with 

respect to the transaction, the SDRT will also be levied on external deliveries of securities. In 

such cases, the counterparty in CREST to whom the securities are delivered is not charged 

with the SDRT. 

- Internal (CBL-CBL) receipts and deliveries are not authorised. Shares can only be transferred 

between CBL accounts by means of a domestic instruction, to ensure the correct reporting of 

SDRT to HMRC through CREST. 

- A customer operating an account subject to the 0.5% rate of SDRT may neither authorise 

transfers between accounts in its own books (that is, may not operate a clearance service) 

nor operate a depository receipt scheme with respect to securities held under the 0.5% SDRT 

regime. 

For an account to be subject to the 0.5% SDRT regime, customers must complete the “Request 

for Application of the 0.5% SDRT Regime” (see Appendix A) with respect to that account and 

return the form to the NCSC Account Administration unit. 





- On every external receipt of UK securities, Clearstream Banking will apply 1.5% SDRT on the 

stampable consideration amount unless the delivering party accounts for the SDRT or the 

receiving customer claims and is entitled to an exemption from SDRT1. - No SDRT will be due on internal (Clearstream Banking - Clearstream Banking) receipts and 

deliveries. 

For an account to be subject to the 1.5% SDRT regime, customers must complete the “Request 

for Application of the 1.5% SDRT Regime” (see Appendix B) with respect to that account and 

return the form to the NCSC Account Administration unit. 

There is a provision in the SDRT legislation that allows for a transfer of stock from one clearance 

account to another, from one Depository Receipt System (DRS) operator to another or from one 

clearance account to a DRS operator. In such circumstances, the transfer is exempt from 1.5% 

SDRT. Customers claiming an exemption are responsible for ensuring that they are entitled to it. 

There is a further provision that allows exemption from SDRT for the transfer of securities held 

in a clearance service account to an account held with other than a CSP or DRS. Exemption is 

applicable when at the time the agreement between the counterparties to make such a transfer 

is made, the securities must already be held in the clearance service account. 

To benefit from an exemption, customers must complete the “Request for Application of the 1.5% 

SDRT Regime” (see Appendix B). Failure to do so will result in the automatic rejection of the 

customer's instructions where an exemption is claimed. 

Note about the use of the “agency exemption” 

The “Agency-exemption” may be used in the following situations: 

• True agency exemption: The securities are purchased through a broker/dealer who holds a 

custodian type of account and who is not a member of the London Stock Exchange (LSE) or other 

regulated UK exchange (for example, LIFFE, Virt-X). The broker/dealer will book the transaction 

via a broker that is a member of the LSE or other recognised exchange and the SDRT will be 

calculated and accounted for by the broker on the delivery of the securities to the broker/dealer 

(first leg). 

The broker/dealer will then deliver the securities from his custodian type of account to CBL 

(second leg). Such a custodian-to-custodian transaction is in principle subject to SDRT. However, 

as the SDRT was already paid on the previous leg by the broker, the Agency-exemption can be 

used as Transaction Stamp Status by the CBL customer receiving the securities. 

• Market sale: The securities are sold via CBL customer who is acting as an agent. The securities 

are first received in the customer's account with CBL (first leg) and then delivered to a broker 

(second leg), who will account for the 0.5% SDRT. As the SDRT will be paid by the broker in the 

second leg of the transaction, the Agency-exemption can be used as Transaction Stamp Status 

by the CBL customer initially receiving securities. 

In both cases, for the transaction to be eligible for Agency/market sale-exemption, the trade date 

and settlement date of the first and second legs must be the same. Furthermore, the second leg 

of the transaction must settle either on the same day as the first leg or later. 

Input of UK stamp duty fields 

Rules applicable to securities subject to SDRT 

The following rules apply to CREST-eligible securities subject to SDRT in order to complete the 

appropriate fields of CBL receipt and delivery instructions, as indicated: 

1. Exemption can also be achieved in the case of external “Own Account Transfers” (OATs) between two 1.5% CBL accounts (see 

“2. The customer opts for the 1.5% SDRT regime” on page 9). 





Receipt of a security subject to SDRT CreationOnline 

1. An exemption is claimed by the customer because 

there is no change of beneficial ownership 

throughout the movement of the securities. 


the receipt is the result of a new issue. 

3. SDRT is not due from the customer because the 

delivering party is accountable for SDRT (as per the 

accountable (broker) concept under SI 1997 no. 2430 

Reg3 (b)). 

4. SDRT is due on the receipt of the securities and no 

exemption claimed. 

5. An exemption is claimed by the customer because the 

SDRT has already been paid on a previous transaction 

or the SDRT will be paid in the future transaction (the 

counterparty is a custodian). See “Note about the use 

of the “agency exemption”” on page 7. 

6. The transaction is a “contra” trade, that is, it reverses 

a trade that had settled through CREST but that was 

not based on a legally valid and enforceable 

agreement. 

7. Exemption is claimed by the customer as it is a EU 

registered charity. 

Stamp Duty Status: 

UK No change in 

beneficial ownership b 


UK Exemption on new 

issue 


Not used 

Repetitive Amount: c 

“Trade Amount” 

GBP 15d d 


UK Delivering party 

accountable 


UK transfer between CSP 

or ADR accounts 

Settlement Processing 

Narrative: /GBXX/ 

coding not available at 

present e 

Creation via SWIFT 

and CreationDirect a 

MT540 

:19A: not used 

:22F::STAM/CRST/GBOXb MT540/541 


:22F::STAM/CRST/GBWX 

MT540/541 


:22F: not used 

MT540/541 c 

:19A::DEAL//GBP15d d 

:22F::STAM/CRST/GBPX 

MT540/541 

:22F::STAM/CRST/GBTX 

MT540/541 


:22F::STAM/CRST/GBXX 

MT540/541 


:22F::STAM/CRST/GBSX 

Meaning 

Transaction 

exempted from 

SDRT 

Transaction 

exempted from 

SDRT 

SDRT to be paid 

by the delivering 

counterparty 


by the receiving 

customer 

Transaction 

exempted from 

SDRT 

Transaction 

exempted from 

SDRT 

Transaction 

exempted from 

SDRT 

a. Customers must ensure that the code words are entered exactly as presented here, including the slash characters. Failure to do so could 

result in the instruction not being processed correctly. 

b. Mandatory for receipt and delivery. 

c. If not used, SDRT will be calculated on the basis of the applicable “midprice” in CREST. 

d. This field must contain the ISO currency code (GBP) followed by the total amount of the deal (deal price * quantity of securities) in 1-13 

numeric characters (no leading zeroes), the mandatory comma decimal separator and 0-2 decimal positions. 

e. Only via Creation via SWIFT and CreationDirect 



Delivery of a security subject to SDRT CreationOnline 

1. The securities are delivered to a CREST counterparty 

acting as a CSP or a DRS account operator and the 

delivering customer is accountable (as per market 

practice). 

Repetitive Amount: 


GBP 15d b 



UK delivery to a CSP or 

ADR 




MT542/543 

:19A::DEAL//GBP15d b 

:22F::STAM/CRST/GBRX 

2. The securities are delivered to a CBL customer acting Repetitive Amount: 

as a CSP or a DRS account operator and the delivering 

customer is accountable (as per market practice). 

c 


GBP 15d b 

MT542/543 


UK delivery to a CSP or ADR 

c 



3. The delivering customer is accountable for the SDRT 

(as per the accountable concept under SI 1997 

no. 2430 Reg3 (b)). 


there is no change of beneficial ownership 

throughout the movement of the securities. 

5. Exemption is claimed by the customer as it is a EU 

registered charity 

Repetitive Amount: 


GBP 15d b 


UK Delivering party 

accountable 


UK No change in 

beneficial ownership 

coding not available at 

present f 

MT542/543 


:22F::STAM/CRST/GBPX 

MT540 


:22F::STAM/CRST/GBOX e 

MT542/543 


:22F::STAM/CRST/GBSX 

Meaning 



customer 



customer d 



customer 

Transaction 

exempted from 

SDRT 

Transaction 

exempted from 

SDRT 



b. This field must contain the ISO currency code (GBP) followed by the total amount of the deal (deal price * quantity of securities) in 1-13 


c. If not used, SDRT will be calculated on the basis of the applicable “midprice” in CREST. 

d. If the SDRT is to be paid by the receiving customer, the receiving customer must input the stampable amount in his instruction (as detailed 

in item 3 in the table “2). The customer opts for the 1.5% SDRT regime” on the following page. 

e. Mandatory for receipt and delivery. 

f. Only via Creation via SWIFT and CreationDirect 

Receipt from / delivery to... CreationOnline 

1. A DRS account operator Stamp Duty Status: 

UK Transfer between CSP or ADR accounts 

2. A CSP Stamp Duty Status: 

UK Transfer between CSP or ADR accounts 

3. A new issue by a company 

incorporated in the UK 


UK Exemption on New Issue 




:22F::STAM/CRST/GBTX 


:22F::STAM/CRST/GBTX b 


:22F::STAM/CRST/GBWX 

Meaning 

Transaction exempted 

from SDRT 


from SDRT 


from SDRT 



b. This field may also be included to obtain exemption in the case of external “Own Account Transfers” (OATs) between two 1.5% CBL accounts. 




Receipt from... CreationOnline 

1. A CBL customer not operating 

a DRS or CSP account and the 

receiving customer is 

accountable 

2. A CREST counterparty not 

operating a DRS or CSP 

account 

Repetitive Amount: a 


GBP 15d b 



Repetitive Amount: a 


GBP 15d b 




and CreationDirect 

MT540/541 a 



Meaning 

a. If not used, SDRT will be calculated on the basis of the applicable “midprice” in CREST. 

b. This field must contain the ISO currency code (GBP) followed by the total amount of the deal (deal price * quantity of securities) in 1-13 


Delivery to... CreationOnline 

1. A counterparty not operating a 

DRS or CSP account 


Not used 

MT540/541 a 





SDRT to be paid by the 

receiving party 


receiving customer 

Meaning 

Note: For transfers from a 1.5% SDRT to a 0.5% SDRT account, a 0.5% SDRT will be accounted for 

unless NCBO is used. 

Rules applicable to securities NOT subject to SDRT 

The following rules apply to CREST-eligible securities not subject to SDRT in order to complete the 

appropriate fields of CBL receipt and delivery instructions, as indicated: 

Receipt / Delivery of a 

security NOT subject to SDRT CreationOnline 


Not used 








receiving party 

Meaning 

Transaction not 

subject to SDRT 

Input of the stampable consideration amount 

Note: Particular attention should be given to the input of the stampable consideration amount, as 

penalties may be due if the information subsequently proves to have been incorrect. 

The amount of SDRT charged is calculated by multiplying the stampable consideration amount by the 

applicable rate (0.5% or 1.5%). 

• 0.5% regime: 

The stampable consideration amount is the amount or value of the consideration. 

• 1.5% regime: 

The stampable consideration amount is: 

- If the securities are transferred for consideration in money or money's worth: the amount or 

value of the consideration; 

- If the securities are issued: their price when issued (that is, the unit price multiplied by the 

quantity of the security issued); 

- In all other cases: the value of the securities. 

The amount of the stampable consideration can be up to 15 digits but must always include two decimal 

places preceded by a comma separator (not a period). For example: 

123456789012,12 and 57,12 are valid amounts; 

123456789012 and 123456789012.12 and 57.12 are not valid amounts. 

Note: No blank space may be left between the currency and the amount. 




The stampable consideration amount must always be preceded by the code word DEAL// in Creation via 

SWIFT or CreationDirect. 

Request for exemption 

For transfers of securities between two CSP accounts or between two DRS account operators or 

between a CSP account and a DRS account operator, customers must duly complete a “Request for 

Application of the 1.5% SDRT Regime” (see Appendix B)). By completing this certificate, the customer 

certifies that all transfers for which the customer inputs the appropriate code word (see input of UK 

stamp duty fields) in the instruction are eligible for exemption from 1.5% SDRT. 

The certificate must be sent, duly completed and signed, to CBL’s Credit and Collateral Management 

unit under the customer’s letterhead or via an authenticated communications medium. Failure to 

provide CBL’s Credit and Collateral Management unit with a duly completed “Request for Application of 

the 1.5% SDRT Regime” will result in automatic rejection of the customer's instruction. 

By inputting the appropriate code word in the instruction, the customer is deemed to claim exemption 

and to indemnify CBL for any taxes, penalties, interest and other costs that CBL may incur as a result of 

CBL’s reliance on the customer’s instruction. 

Payment of the stamp duty 

When applicable, SDRT (at a rate of 0.5% or 1.5%, as appropriate) will be debited at the latest either two 

business days after settlement date (on SD+2) or (if the instruction is matched in CREST) 10 business 

days after trade date, whichever is the earlier. 

For external receipt instructions under the 0.5% SDRT regime, if the customer is to receive securities 

from an external counterparty that is considered a custodian bank or broker and the customer either: 

a) does not account for the stamp to be paid in the instruction to CBL; or 

b) includes an exemption flag in the instruction to CBL, 

CBL and in turn its depository, Citibank, will send a blank input field to CREST, meaning “No Stamp 

Status” and “No Stampable consideration”. As a consequence, CREST will not deduct any stamp duty 

from the trades. 

Later, if the customer finds that it is liable to pay SDRT, then the customer will have to instruct CBL to 

make a manual payment to HMRC or alternatively make a direct payment. If the customer is audited 

and HMRC finds that SDRT is due, then CBL’s depository and in turn, Clearstream, will pass any 

obligations due to the customer. 

Note: If you are liable to pay SDRT and you do not comply with the delays set forth by HMRC1, you could 

be charged a GBP 100 underpayment fee and additional non-refundable interest, penalties and 

surcharges. We strongly recommend that you always ensure that you input the appropriate 

stampable consideration in your instructions along with the respective codes to avoid the 

incorrect calculation of SDRT resulting in under or over payments to HMRC. 

A direct payment can be made via CBL through its depository, Citibank. 

Alternatively, if the customer wishes to make a direct cash payment the following payment details are 

required: 

Sort Code: 08-32-10 

Account number: 12237210 

Account Name: HMRC Stamp Office Shares Unit 

1. Please refer to http://www.hmrc.gov.uk/sdrt/index.htm 




To pay by cheque, it must be made payable to “Her Majesty's Revenue and Customs” and must be sent 

to: 

HMRC 

Birmingham Stamp Office 

9th floor 

City Centre House 

30 Union Street 

Birmingham 

B2 4AR 


Payment reference: CREST payment 

Payment details: CREST reference 

Additionally, for manual payments, credit advices should be sent to HMRC by email to: 

nirmala.chauhan@hmrc.gsi.gov.uk 

Subject: Credit Advice 

This email must include all the specific trade details such as the ISIN, Nominal amount, trade date, 

settlement date and CREST reference. This ensures that HMRC can identify the payment and issue a 

payment receipt. 

For delivery instructions under the 0.5% SDRT regime for which the customer delivering the securities 

accounts for the SDRT, the SDRT will be calculated based on the stampable consideration amount input 

by the customer. 

For deliveries from a non-CSP or non-DRS account operator to a CSP or DRS account operator, the 

following rules apply in CREST for charging the 1.5% SDRT due: 

1. None of the parties inputs a stampable consideration amount: The receiving CSP/DRS account 

operator will be charged with the 1.5% SDRT by default. The SDRT is calculated by CREST, using 

the closing mid-price on the trade date of the security * the quantity of shares * the SDRT rate. 

2. One of the parties inputs the stampable consideration amount: This party will be charged by 

CREST. The 1.5% SDRT is calculated from the stampable consideration amount input. 

3. Both parties input stampable consideration amounts: The receiving CSP/DRS will be charged by 

default. The 1.5% SDRT is calculated from the stampable consideration amount input. 

4. Incorrect or missing values: This may result in underpayments and an HMRC fee of GBP 100. 

Customers must send the tax refund request as soon as possible and by no later than the 5th 

calendar day following the month of the payment1 . 

CBL will bear no responsibility with regard to the stampable consideration amount or other 

information mentioned in the customer’s instruction. If HMRC questions or makes inquiries in relation 

to the stampable consideration amount mentioned in the instruction or any other details of any of the 

customer’s transactions, it is the responsibility of the customer to provide CBL with all required 

explanations and/or documentation. 

By sending CBL an external receipt or delivery instruction for securities subject to UK SDRT, the 

customer is deemed to indemnify CBL for any taxes, penalties, interest thereon and other costs that 

CBL may incur as a result of CBL’s reliance on the information included in the customer’s instruction, 

including the stampable consideration amount indicated by the customer. 

With regard to a delivery from a non-CSP or non-DRS account to CBL’s CSP account when the delivering 

party will account for the 1.5% SDRT, the receiving customer must ensure that the delivering party 

inputs the appropriate stampable consideration amount in his settlement instruction in CREST in order 

for the 1.5% SDRT due to be charged accordingly. Customers are deemed to indemnify CBL for any 

taxes, penalties, interest thereon or other costs that CBL may incur as a result of underpayment of 

SDRT, should the counterparty instruct the stampable consideration amount incorrectly. 

1. The market deadline is no later than the 7th calendar day following the month of the payment. 




When applicable, the SDRT due on partial receipt(s) will be debited in the same processing of the 

consolidated credit of securities with value SD. 

The transaction reference that will appear on the debit instruction will be in the format “SDR” followed 

by a sequential reference number and most of the details of the original receipt instruction. 

Retention and disclosure of documentary evidence 

Documentary evidence of details of all transactions and, where applicable, proof of relief from SDRT, 

must be retained for a minimum of four years 1 from the settlement date of each transaction and must 

be forwarded upon request from CBL or HMRC. By holding UK securities in an account with CBL, 

customers will be deemed to have authorised the disclosure to HMRC upon request of all details of 

transactions relating to UK securities. 

SDRT Reclaim request charges 

A charge of GBP 35.00 is made per reclaim item as soon as it has been charged by the HMRC and 

forwarded by the depository. 

1. Six years, in the case of transactions effected before 1 April 2011. 




Procedure for depositing physical securities eligible in Citibank 

The procedure 

The procedure comprises the following steps: 

1. The customer prepares the documents. 

2. The customer sends the documents to Clearstream Banking for authentication and guarantee. 

3. The customer processes the authenticated forms returned from Clearstream Banking, delivering 

them, with covering letter, to Citibank. 

4. Citibank processes the received physical certificates and documentation. 

1. The customer prepares the documents 

For CREST-eligible physical securities: 

a) Download the CREST Transfer Form from the EUI website, www.euroclear.com; 

b) Complete the CREST Transfer Form as indicated in Appendix C. 

For non–CREST-eligible physical securities: 

a) Download the Stock Transfer Form from the CBL website; 

b) Complete the Stock Transfer Form as indicated in Appendix D. 

Plus, if the holder of the physical securities is a corporation: 

• The original Articles of Association; and 

• A certified copy (in English) of the Certificate of Registration. 

Note: It is of the utmost importance that the customer submits the appropriate transfer form. Citibank, 

N.A. will return any securities transferred using inappropriate forms to the contact name and 

address provided in the covering letter. 

2. The customer sends the documents to Clearstream Banking for authentication and guarantee 

Customers must send the original CREST Transfer Form or Stock Transfer Form only, duly completed 

and signed, by registered mail to Clearstream Banking Settlement department in Frankfurt at the 

following address: 

Clearstream Banking AG 

Settlement Global 

OAA/EA.08.301 

60485 Frankfurt am Main 

Germany 

CBL will: 

a) Check that the form is correctly completed; 

b) Check and validate the authorised signature(s); 

c) Send the authenticated form back to the customer by mail. 

N.B.: Physical securities and any additional documentation must not be sent to Clearstream Banking. 




3. The customer processes the authenticated forms returned from Clearstream Banking, 

delivering them to Citibank. 

When customers receive the documents back from CBL, they must do the following: 

a) Send to Clearstream Banking an appropriate free of payment receipt instruction with the 

appropriate stamp duty status, if applicable. 

b) Send to Citibank, via a secure courier service, the following documents: 

- The original certificate(s); 

- The appropriate transfer form; and 

- A covering letter, including a contact name and address to enable Citibank to return the 

securities if no instruction is received within 5 days or if the securities are not in good order; 

Plus, if the holder of the physical securities is a corporation, certified copies (in English) of: 

- The Articles of Association (template to be requested directly by the holder from the issuing 

company or registrar); 

- The Certificate of Registration; and 

- The list of authorised signatures. 

at the following address: 

Attn: Citigroup Residuals 

1st Floor 


Dublin 1 

Ireland 

Note: For reasons of safety, customers are strongly recommended to send the physical certificates and 

the documentation separately. 

4. Citibank processes the received physical certificates and documentation 

For CREST-eligible physical securities: 

a) Citibank checks the documentation and the certificates; 

b) Citibank arranges for the deposit of shares to be stamped by HMRC or for SDRT to be charged (for 

0.5%SDRT regime) or exemption (no change of beneficial ownership) to be applied; 

c) Citibank sends to the Registrar the documentation and the certificates for dematerialisation and 

re-registration under the name of Citibank nominee (Vidacos nominee); 

d) After the completion and confirmation of the re-registration, Citibank credits the securities to 

Clearstream Banking’s account. 

Note: If no instructions are received within five days of receipt of the certificates and/or transfer form, 

all documents will be returned to the contact name and address provided in the covering letter. 

For non–CREST-eligible physical securities: 

a) Citibank checks the documentation and the certificates; 

b) Citibank arranges for the form to be stamped by HMRC and (for 0.5% stamp duty regime only) for 

the stamp duty to be paid; 

c) Citibank sends to the Registrar the documentation and the certificates for re-registration under 

the name of Citibank nominee (Vidacos nominee); 

d) After the completion and confirmation of the re-registration, Citibank credits the securities to 

Clearstream Banking’s account. 

Note: The re-registration process may require more than two weeks for completion. 

If no instructions are received within 5 days of receipt of the certificates and/or transfer form, all 

documents will be returned to the contact name and address provided in the covering letter. 




Stamp Duty Reserve Tax (SDRT) and Stamp Duty 

Stamp Duty Reserve Tax (SDRT) is a duty payable on electronic transfers. 

Stamp Duty is a duty payable on paper transfers. 

SDRT on dematerialisation for CREST-eligible securities 

Where a customer account is subject to the 0.5% stamp duty regime, 0.5% SDRT applies to 

dematerialisation of physical securities to be deposited in EUI unless an exemption - No Change in 

Beneficial Ownership (NCBO) - is claimed in the settlement instruction. 

Dematerialisation of physical securities to a customer account subject to the 1.5% stamp duty regime is 

subject to 1.5% SDRT. 

Stamp Duty on physical non–CREST-eligible securities 

Stamp duty is payable at a rate of either 1.5% or 0.5% ad valorem (for receipts free or against payment, 

where no exemption is claimed). 

The 0.5% Stamp Duty regime 

For 0.5% stamp duty to apply, customers must complete the “Request for Application of the 0.5% SDRT 

Regime” (see Appendix A). 

Receipt of physical securities into CBL will be subject to 0.5% stamp duty ad valorem unless there is no 

change of beneficial ownership. 

A customer that deposits physical securities with CBL must indicate in the instruction either the 

stampable consideration (when ad valorem duty is payable) or the relevant code word (when fixed duty 

is payable - see “1. The customer opts for the 0.5% SDRT regime” on page 8). 

Upon receipt of the settlement instruction and the Stock Transfer Form, Citibank will arrange for the 

form to be stamped by HMRC and for the stamp duty to be paid. 

The 1.5% Stamp Duty regime 

If the customer does not submit the “Request for Application of the 0.5% SDRT Regime”, the account 

remains subject to 1.5% stamp duty such that every receipt of physical securities in CBL will, unless an 

exemption applies, be subject to stamp duty at the rate of 1.5% ad valorem. 

It is market practice that stamp duty on receipt of physical securities in a clearance service be paid by 

the delivering party, which must complete the Stock Transfer Form and have it stamped by 

HM Revenue & Customs prior to delivering the form, together with the securities, to Citibank. If this 

procedure is not followed, the securities will not be accepted but will instead be returned to the 

delivering party, together with the unstamped form. 

Customers must claim any exemption in their settlement instruction by indicating the relevant code 

word in accordance with the requirements applicable to CREST-eligible securities (see “2. The 

customer opts for the 1.5% SDRT regime” on page 9). 

Impact on corporate actions and income collection 

CBL will not be responsible for corporate actions and income payments with respect to physical certificates 

that have not been re-registered and returned by the transfer agent to the depository (Citibank). 

Entitlements will pass to Clearstream Banking's depository if the certificates are re-registered not later 

than the record date of a corporate action or an income collection event. Corporate actions and income 

events will be processed on an “as-received basis”. 

“Business as usual” processes will apply as soon as the re-registered securities have been credited to 

the Clearstream Banking customer's account. 

Bilateral securities lending and borrowing 

Customers entering into bilateral securities lending and borrowing arrangements in the UK market are 

fully responsible and liable to incur SDRT charges or fines linked to such transactions executed via CBL. 



Key to completing the transfer forms 


Appendix C and Appendix D show the CREST and Stock Transfer Forms respectively, with the following 

annotations: 

1. To be completed by Citibank. 

2. The name of the security. 

3. The type of the security - for example, equity, unit trust, corporate bond. 

4. The number of shares (in words). 

5. The number of shares (in figures). 

6. The full name(s) and address(es) of the registered certificate holder(s). 

7. The signature(s) of the registered holder(s): 

- If a corporation: two authorised signatures, stating professional title and name in each case; 

- If one individual: the individual’s signature; 

- If several persons: each person’s signature. 

To avoid confusion, customers must, when validating the signature(s) of registered holder(s), 

ensure that their own signature/stamp is to the left of or below the borders of the form content. 

8. Customers are responsible for guaranteeing the signatory of the registered owner and, by 

signing and stamping the Power of Attorney, customers are deemed to have performed a check 

on the signature(s) and the proper power and authority of the registered owner(s). 

Note: At the end of this Creation Link Guide (United Kingdom II), a blank Stock Transfer Form is 

provided for customers to download, print out and complete for submission. 

Back-to-back processing 

Back-to-back processing is available for transactions in dematerialised securities eligible in the CREST 

system. Customers can increase same-day turnaround of instructions by “linking” one domestic receipt 

to one domestic delivery. 

The settlement deadline for back-to-back instructions is 15:00 CET on SD-1. Customers must ensure, 

together with the respective counterparty, that the receipt and delivery instructions will match on SD-1. 

Customers should be aware that where one or other of the transactions to be linked fails to match, the 

linking process will not take place. 

The CREST system prioritises individual transactions over linked transactions and, therefore, the 

linking of two transactions may not guarantee settlement. 

CBL will bear no responsibility with regards to failure of a linked transaction. By sending a back-to-back 

instruction in the UK market, customers are deemed to indemnify CBL for any costs, penalties or loss that 

CBL may incur. 

To benefit from this functionality, customers must ensure that their back-to-back instructions are 

formatted as follows, according to the connectivity medium used: 

Connectivity medium Pool ID format Field(s) to be used Remarks 

CreationOnline 16x a 

Creation via SWIFT and 

CreationDirect 

and 

Turnaround 

:POOL//16x a 

and 

:SETR//TURN 

Pool Reference 

Type of Settlement Transaction 

Field :20C: sequence A1 

Field :22F: sequence E 

a. The reference (16x) must neither start nor end with a single slash ’/’ nor must it contain two consecutive slashes ’//’. 




Management of failed instructions 

Matched receipt and delivery instructions with domestic counterparties that have not settled on SD will 

remain pending until they settle or until they are cancelled by both parties in CREST. 

• CREST instructions that remain unmatched by the requested settlement date are reported to 

CBL as pending. 

CBL reserves the right to cancel instructions with domestic counterparties that have not been 

matched by the fifth business day after the requested settlement date. 

• Non-CREST instructions that remain unmatched by the requested settlement date are reported 

to CBL as pending. 

CBL reserves the right to cancel such instructions by the 15th business day after the requested 

settlement date. 

Custody services 

Income collection 

For both debt securities and equities, Clearstream Banking record date is payment date -1 business day 

and ex-date equals payment date. 

Debt securities 

Service offered Remarks 

Notification to customers Standard reporting. No specific deviations 

Payment of proceeds Income payments are credited to the customer’s account at the 

start of RTP with value coupon payment date, based on the 

positions at close of business on the record date. 

from standard reporting 

provided by CBL apply to 

the UK market. 

Equities 

Record dates for equities are determined by the relevant companies according to domestic market 

practice and are updated by CBL in accordance with information received from depositories, 

newspapers, companies and information suppliers. 


Notification to customers Standard reporting. No specific deviations 

Payment of proceeds Dividend payments - usually paid four or six weeks after Ex-date - 

are credited to the customer’s account at the start of RTP with 

value dividend payment date, based on the positions at close of 

business on the record date. 

from standard reporting 

provided by CBL apply to 

the UK market. 



Corporate actions 

Sale and purchase of rights 


Please refer to the document “Sale and purchase of rights” on the CBL website, www.clearstream.com, 

under Information Centre/Market Reference. 

Proxy Voting procedures 

Proxy voting services are available in CBL for this market. For details about the proxy voting services 

offered by CBL, please refer to the CBL Customer Handbook and, for the market specific practices, 

please refer to the Market Profile. 

Entitlement compensation rules 

Please refer to the Securities administration section of the Market Profile (United Kingdom). 

Other services 

Securities lending and borrowing 

UK equities, investment trusts and corporate bonds are not eligible for CBL’s securities lending and 

borrowing programme. 

Disclosure requirements 

Please refer to the Clearstream Banking Guide to Disclosure Requirements, which is an appendix to the 

Creation Market Guide. 

Holding restrictions 

Please refer to the Investment regulation section of the Market Profile (United Kingdom). 

Please also refer to “Specific settlement rules / settlement restrictions” on page 4 for details of 

equities subject to a foreign ownership limit. 

Foreign exchange 


Notification to customers Clearstream Banking advises customers of their 

entitlement to participate in UK corporate actions 

(including, but not limited to, stock dividends, rights 

issues, bonuses and takeovers/mergers). 

Instruction to CBL Customers may instruct CBL to carry out options 

foreseen in the terms and conditions of the 

underlying type of security. These options include, 

but are not limited to, put options, conversions, 

exercises of warrants, exchanges, detachment of 

warrants etc. 

In addition, CBL informs customers on an “as and if 

received” basis of unscheduled securities events 

occurring on account holdings, such as rights 

offers, reinvestment options, exchange offers, 

purchase offers, mergers etc. 

No specific deviations from standard 

reporting provided by CBL apply to the 

UK market. 

The issuance of new securities does 

not give rise to SDRT under the 0.5% 

SDRT regime. 

The transfer of securities, albeit newly 

issued securities, into a clearance 

service under the 1.5% SDRT regime 

as a result of a corporate event will 

normally give rise to 1.5% SDRT. 

Further information on the charge to 

SDRT in relation to corporate actions 

is available in the respective corporate 

action notification. 

Foreign exchange services in GBP are automatically available to customers. To complete foreign 

exchange conversions for GBP, customers should contact CBL’s Treasury Desk directly by 

CreationOnline, via an authenticated communications medium. 




Eurex option exercises 

Clearstream enables CBF International (CBFi) customers, acting as Eurex general clearing member 

(GCM), direct clearing member (DCM) or settlement institution, holding their GBP denominated UK 

equities and USD denominated ETCs with CBF, to use the holdings to meet settlement delivery 

obligations in EUI resulting from their activity in Eurex Clearing AG and to receive these from other 

market participants into accounts held with CBF via their CBL accounts (CBFi). This service is not 

available for 1.5% SDRT accounts. 

Settlement services - Securities 

Final settlement will take place in the EUI CREST system. 

The CREST system has a static data requirement whereby all GCMs and DCMs must supply a CREST 

clearing member ID. CBL has been granted a CREST clearing member ID, which can be used by 

customers using the settlement services. Customers who want to use the available CREST clearing ID 

should consult their Relationship Officer. 

Contrary to current practice, customers must monitor any exercise or assignment allocated to them by 

Eurex and instruct accordingly into their CBFi account. 

Settlement services - Cash 

There will be no impact on the cash leg of settlement for such exercises/assignments taking place on 

Eurex designated accounts. All cash movements will take place on the existing cash accounts held by 

customers. Settlement of such transactions is available via CBL’s link to Citibank N.A. in the standard 

currencies EUR, GBP and USD. 

Stamp Duty Reserve Tax (SDRT) 

SDRT, currently charged at 0.5% of the stampable consideration of a transaction, is due on all 

transactions of chargeable securities. However, in some circumstances, exemption from SDRT or a 

relief from SDRT can be applied. 

Any realignments between customer accounts are to be managed by the customer as well as ensuring 

that the correct stamp flag is included in the settlement transactions. For example, realignments 

between customer own 0.5% SDRT accounts and exempt accounts (if exempted for this activity) must be 

flagged as “NCBO” to avoid undue taxation. 

Non-Application for relief from SDRT 

If the customer wants to settle exercises and assignments and have SDRT applied to the 

settlement, settlement must take place on an account operated under the 0.5% SDRT regime; 

the 1.5% SDRT regime cannot be used for the settlement of such transactions. 

Customers holding positions under the 0.5% SDRT regime can use the current process. 

Customers not yet holding positions in the 0.5% SDRT regime but only in the 1.5% SDRT regime must 

transfer securities into a 0.5% SDRT designated account in order to meet settlement obligations. 

For this purpose, customers must submit to their Relationship Officer a duly completed Account 

Opening document “Request for Application of the 0.5% SDRT Regime“. 

Application for relief from SDRT 

If the customer wants to settle exercises and assignments and have full relief applied to the 

settlement, settlement must take place on an account operated under an exempt regime. 

Customers will have to request the opening of a new account, as well as provide proof of their 

exemption status, and must transfer securities into this account in order to meet settlement 

obligations. 

For this purpose, customers must submit to their Relationship Officer a duly completed Account 

Opening document “Request for Application of the 0.5% SDRT Regime" (marked as for a Eurex 

services/exempt account). 



Tax services 


In order to enable the efficient processing of Eurex exercises and/or assignments of UK products, 

customers are required to open one or more designated accounts within Creation to correspond with 

the account(s) opened in the CREST system. 

General technical specifications 

So that EUI’s CREST system can recognise incoming instructions for the Eurex market, certain fields in 

the instruction are required to contain specific values, as follows: 

Connectivity medium/Format Content 

CreationOnline 

Additional Places Type = Place of Trade 

Code = Stock Exchange 

Narrative = ECAG 

Additional flagging will be required in order to indicate SDRT status for an instruction. 

Additional Indicator 

Type = Processing Indicator 

DSS 

CRST Code: 

- Axxx = Agency Trade 

- PPxx = Purchase Principal 

- SPxx = Sale Principal a 

For realignments of positions between customer accounts from/to an exempt account to/from their 

main 0.5%SDRT account to meet settlement obligations and avoid undue charges: 

Stamp Duty Status No change of beneficial ownership 

Creation via SWIFT and CreationDirect 

:94B::TRAD//EXCH/ECAG Trade System of Origin (TSO) code provided to indicate that 

the instruction is for the Eurex market. 

Additional flagging will be required in order to indicate SDRT status for an instruction. 

:22F::PROC/CRST/Axxx or 

- Axxx = Agency Trade 

:22F::PROC/CRST/PPxx or 

- PPxx = Purchase Principal 

:22F::PROC/CRST/SPxx 

- SPxx = Sale Principal 

:95P::BUYR//customer's BIC or 

:95P::SELL//customer's BIC 

a 

For realignments of positions between customer accounts from/to an exempt account to/from their 

main 0.5% SDRT account to meet settlement obligations and avoid undue charges: 

:22F::STAM//NCBO - NCBO = No change of beneficial ownership 

a. (The field must be completed as shown here, including the “xxx” or “xx” (as the case may be) as required static data. 

For information about how to instruct, please refer to “Instruction specifications” on page 22. 

Procedures for domestic counterparties 

Domestic counterparties must instruct CREST as follows: 

All transactions on a 0.5% SDRT account All transactions on an exempt account 

Deliver to: CBL participant number 00XJJ CBL participant number nnnnna For account of: Clearstream Banking, Luxembourg Clearstream Banking, Luxembourg 

In favour of: Account number of CBL customer Account number of CBL customer 

a. nnnnn = unique CREST participant ID provided by the CBFi customer to the counterparty as appropriate. 

Note: For counterparties in CREST, the Trade System of Origin (TSO) code to be used is “U”. 

Please refer to the Clearstream Banking Market Taxation Guide - United Kingdom. 




Instruction specifications 

CreationOnline 

I. Book-entry 

Receive Free Receive Against Payment 

M Trade Date M Trade Date 

O Deal Price O Deal Price 

M Place of Settlement BIC M Place of Settlement BIC 

Party CRSTGB22XXX - CREST Party CRSTGB22XXX - CREST 

M Delivering Agent CRESTCo M Delivering Agent CRESTCo 

Party counterparty's CREST code Party counterparty's CREST code 

C Seller BIC a 

C Seller BIC a 

Party ordering party's BIC a Party ordering party's BIC a 

or Seller Name and Address (if BIC does not exist) a or Seller Name and Address (if BIC does not exist) a 

Party ordering party's name a Party ordering party's name a 

C Account ordering party's account a C Account ordering party's account a 

C Stamp Duty Status b 

C Stamp Duty Status b 

C Trade Amount b C Trade Amount b 

Deliver Free Deliver Against Payment 



M Place of Settlement BIC M Place of Settlement BIC 

Party CRSTGB22XXX - CREST Party CRSTGB22XXX - CREST 

M Receiving Agent CRESTCo M Receiving Agent CRESTCo 

Party counterparty's CREST code Party counterparty's CREST code 

C Buyer BIC C Buyer BIC 

Party beneficiary's BIC a Party beneficiary's BIC a 

or Buyer Name and Address (if BIC does not exist) or Buyer Name and Address (if BIC does not exist) 

Party beneficiary's name a Party beneficiary's name a 

C Account beneficiary's account a C Account beneficiary's account a 

C Stamp Duty Status b C Stamp Duty Status b 

C Trade Amount b C Trade Amount b 

a. This field must be left blank for transfers between accounts of the same CREST participant. 

b. The use of these fields is dependent on whether the transaction is subject to or exempt from stamp duty and on the appropriate 

accountability. For details, please refer to “Input of UK stamp duty fields” on page 7. 

Note: For the instruction to be processed by the Clearstream Banking custodian on an STP basis, the 

narrative must either contain standard code words, each between ‘/’ characters, or be left blank. 



IIa. Physical transactions (Non-Crest-eligible securities) 

Receive Free Receive Against Payment 




M Physical Transaction 'Yes' M Physical Transaction 'Yes' 

M Place of Settlement Country Code M Place of Settlement Country Code 

Party GB - United Kingdom Physical Party GB - United Kingdom Physical 

M Delivering Agent Name and Address M Delivering Agent Name and Address 

Party full name and address of the registered 

certificate holder and full address under 

which the registered holder is known in 

the registrar’s books 





O Seller Name and Address O Seller Name and Address 

Party ordering party's name, if different from 

Party ordering party's name, if different from 

Delivering Agent 

Delivering Agent 

O Account ordering party's account O Account ordering party's account 

C Stamp Duty Status a 


C Trade Amount a C Trade Amount a 

Deliver Free Deliver Against Payment 



M Physical Transaction 'Yes' M Physical Transaction 'Yes' 

M Place of Settlement Country Code M Place of Settlement Country Code 

Party GB - United Kingdom Physical Party GB - United Kingdom Physical 

M Receiving Agent Name and Address M Receiving Agent Name and Address 

Party full name and address of the certificate 


holder to be registered 


O Buyer Name and Address O Buyer Name and Address 

Party full name and address of the receiving party, Party full name and address of the receiving party, 

if different from Receiving Agent 


O Account beneficiary's account O Account beneficiary's account 

C Stamp Duty Status a C Stamp Duty Status a 

C Trade Amount a C Trade Amount a 

a. The use of these fields is dependent on whether the transaction is subject to or exempt from stamp duty and on the appropriate 





IIb. Physical transactions (Crest-eligible securities) 

Receive Free (Crest deposit) 

M Place of Safekeeping CRSTGB22 

M Trade Date trade date and time 

M Place of Settlement BIC 

Party CRSTGB22 

M Delivering Agent CRESTCo 

Party counterparty's CREST code 

O Seller Name and Address 





O Account beneficiary's account 

M Settlement Processing 

Narrative 

/STCO/PHYS/ 


C Trade Amount a 

Deliver Free (Crest withdrawal) 


M Trade Date 

O Deal Price 

M Physical Transaction 'Yes' 

M Place of Settlement Country Code 

Party GB 

M Receiving Agent Name and Address 



O Buyer Name and Address 

Party full name and address of the receiving party, 


O Account beneficiary's account 


C Trade Amount a 





III. Own account transfers between 0.5% related CBL accounts 

Receive Free 






Party 00XJJ 

Ma Seller BIC 

Party ordering party's BIC 

Account ordering party's 5-digit CBL account number 

M Stamp Duty Status UK No change in Beneficial Ownership 

Deliver Free 





M Receiving Agent CRESTCo 

Party 00XJJ 

M a Buyer BIC 

Party beneficiary's BIC 

Account beneficiary's 5-digit CBL account number 

M Stamp Duty Status UK No change in Beneficial Ownership 


a. This field is not used for matching purposes in CREST but the content will be used to reduce settlement delays in cases of mismatch. 

IV. Own account transfers either way between 0.5% SDRT and 1.5% SDRT CBL accounts 

Receive Free 






Party 

a 

Mb Seller BIC 

Party ordering party's BIC 

Account ordering party's 5-digit CBL account number 

O Stamp Duty Status c 

Deliver Free 






Party 

a 

Mb Buyer BIC 

Party beneficiary's BIC 

Account beneficiary's 5-digit CBL account number 

O Stamp Duty Status c 

a. 00XJJ (0.5% regime); or 14XKL (1.5% regime). 

b. This field is not used for matching purposes in CREST but the content will be used to reduce settlement delays in cases of mismatch. 

c. Transfers from a 1.5% to a 0.5% account can be exempted by quoting “No change of beneficial ownership” in the receive instruction. On 

transfers from a 0.5% to a 1.5% account, no SDRT exemption is possible and the receiving party is always liable to pay 1.5% SDRT. 




Va. ISIN GI000A0MV757 - BWIN Party Digital ord share via OEKB - CBL link to OEKB participant for CBL 

customers under 0.5% SDRT regime 

Receive Free 






Party 14XKL (via CBL account 67242) 

M Seller BIC 

Party ordering party's OEKB participant BIC 

M Account ordering party's 6-digit OEKB account number 

M Stamp Duty Status UK no change of beneficial ownership (if 

customer is the same; otherwise, blank) 

Deliver Free 






Party 14XKL (via CBL account 67242) 

M Buyer BIC 



Vb. ISIN GI000A0MV757 - BWIN Party Digital ord share via OEKB - CBL link to OEKB participant for CBL 


Receive Free 




Party CEDELULL 

M Delivering Agent Clearstream Banking Luxembourg 

Party 67242 

M Seller BIC 



Deliver Free 




Party CEDELULL 

M Receiving Agent Clearstream Banking Luxembourg 

Party 67242 

M Buyer BIC 





VI. Eurex options exercises 

Receive Against Payment 

M Additional Places 

Type: 

Code: 

Narrative: 

M Trade Date 

O Deal Price 

M Additional Indicator 

Type: 

DSS: 


Place of trade 

Stock Exchange 

ECAG 


Creation Link Guide United Kingdom II - 27 

Code: 

Processing Indicator 

CRST 

a 


Party CRSTGB22XXX - CREST 



C Seller BIC b 

Party ordering party's BIC b 

or Seller Name and Address (if BIC does not exist) b 

Party ordering party's name b 

C Account ordering party's account b 

C Stamp Duty Status c 

C Trade Amount c 

C Settlement Processing 

Narrative 

/SAFE/xxxxx d 

Deliver Against Payment 

M Additional Places 

Type: 

Code: 

Narrative: 

M Trade Date 

O Deal Price 

M Additional Indicator 

Type: 

DSS: 

Place of trade 

Stock Exchange 

ECAG 

a. Axxx or PPxx or SPxx: see “General technical specifications” on page 21. 

b. This field must be left blank for transfers between accounts of the same CREST participant. 

c. The use of these fields depends on whether the transaction is subject to or exempt from stamp duty and on the appropriate accountability. 

For self-certification, these fields are not to be filled. For details, please refer to “Input of UK stamp duty fields” on page 7. 

d. Account number to be supplied on completion of the account opening process. 

Code: 

Processing Indicator 

CRST 

a 


Party CRSTGB22XXX - CREST 



C Buyer BIC b 

Party beneficiary's BIC b 

or Buyer Name and Address (if BIC does not exist) 

Party beneficiary's name b 

C Account beneficiary's account b 

C Stamp Duty Status c 

C Trade Amount c 

C Settlement Processing 

Narrative 

/SAFE/xxxxx d


Creation via SWIFT and CreationDirect 

I. Book-entry 

MT540 Receive Free Seq MT541 Receive Against Payment 

M :98a: :TRAD //Trade date/time B M :98a: :TRAD //Trade date/time 

O :90a: :DEAL //Deal price O :90a: :DEAL //Deal price 

C :22F: :STAM a 

E C :22F: :STAM a 

M :95P: :PSET //CRSTGB22[XXX] E1 M :95P: :PSET //CRSTGB22[XXX] 

M :95R: :DEAG /CRST/XXXXX (Counterparty’s CREST code) b 

M :95R: :DEAG /CRST/XXXXX (Counterparty’s CREST code) b 

C :95P: :SELL //Ordering party’s BIC, if different from DEAG c 

C :95P: :SELL //Ordering party’s BIC, if different from DEAG c 

or :95Q: :SELL //Ordering party’s name, if different from DEAG (if 

BIC does not exist) c 


BIC does not exist) c 

C :97A: :SAFE //Ordering party’s account c C :97A: :SAFE //Ordering party’s account c 

C :19A: :DEAL a C :19A: :DEAL a 

MT542 Deliver Free MT543 Deliver Against Payment 



C :22F: :STAM a C :22F: :STAM a 

M :95P: :PSET //CRSTGB22[XXX] E1 M :95P: :PSET //CRSTGB22[XXX] 

M :95R: :REAG /CRST/XXXXX (Counterparty’s CREST code) b M :95R: :REAG /CRST/XXXXX (Counterparty’s CREST code) b 

C :95P: :BUYR //Beneficiary’s BIC, if different from REAG c C :95P: :BUYR //Beneficiary’s BIC, if different from REAG c 

or :95Q: :BUYR //Beneficiary’s name, if different from REAG (if BIC 

does not exist) c 


does not exist) c 

C :97A: :SAFE //Beneficiary’s account c C :97A: :SAFE //Beneficiary’s account c 

C :19A: :DEAL a E3 C :19A: :DEAL a 



b. CREST codes range from 3 to 5 alphanumeric characters. 

c. This field must be left blank for transfers between accounts of the same CREST participant. 

Note: For the instruction to be processed by the Clearstream Banking custodian on an STP basis, the 

narrative must either contain standard code words, each between ‘/’ characters, or be left blank. 



IIa. Physical transactions (Non-Crest-eligible securities) 


MT540 Receive Free Seq MT541 Receive Against Payment 



M :22F: :STCO //PHYS E M :22F: :STCO //PHYS 



M :95C: :PSET //GB E1 M :95C: :PSET //GB 

M :95Q: :DEAG //full name and address of registered certificate 

holder and full address under which registered 

holder is known in the registrar’s books 

M :95Q: :DEAG //full name and address of registered certificate 

holder and full address under which registered 

holder is known in the registrar’s books 

O :95Q: :SELL //Ordering party’s name, if different from DEAG O :95Q: :SELL //Ordering party’s name, if different from DEAG 

O :97A: :SAFE //Ordering party’s account O :97A: :SAFE //Ordering party’s account 

C :19A: :DEAL a C :19A: :DEAL a 

MT542 Deliver Free MT543 Deliver Against Payment 



M :22F: :STCO //PHYS E M :22F: :STCO //PHYS 

C :22F: :STAM a C :22F: :STAM a 

M :95C: :PSET //GB E1 M :95C: :PSET //GB 

M :95Q: :REAG //Full name and address of the certificate holder to 


be registered 

be registered 

O :95Q: :BUYR //Full name and address of the receiving party, if 


different from REAG 

different from REAG 

O :97A: :SAFE //Beneficiary’s account O :97A: :SAFE //Beneficiary’s account 

C :19A: :DEAL a E3 C :19A: :DEAL a 



IIb. Physical transactions (Crest-eligible securities) 

MT540 Receive Free Seq 

M :98a: :TRAD //Trade date/time B 

O :90a: :DEAL //Deal price 

M :70E: :SPRO ///STCO/PHYS/ 

M :94F: :SAFE //NCSD/CRSTGB22 C 


E 

M :95P: :PSET //CRSTGB22 E1 

M :95R: :DEAG /CRST/CREST 

M :95Q: :SELL //full name and address of the registered 

certificate holder and full address under which 

the registered holder is known in the registrar’s 

books 

O :97A: :SAFE ///Beneficiary’s account 

C :19A: :DEAL a E3 

MT542 Deliver Free 




M :22F: :STAM a E 

M :22F: :STCO //PHYS 

M :95C: :PSET //GB E1 


be registered 


different from receiving agent 

O :97A: :SAFE //Beneficiary’s account 

C :19A: :DEAL a E3 






III. Own account transfers between 0.5% related CBL accounts 




M :22F: :STAM /CRST/GBOX E 


M :95R: :DEAG /CRST/00XJJ 

Ma :95P: :SELL //Ordering party's BIC 

M :97A: :SAFE //Ordering party's 5-digit CBL account number 






M :95R: :REAG /CRST/00XJJ 

M a :95P: :BUYR //Beneficiary's BIC 

M :97A: :SAFE //Beneficiary's 5-digit CBL account number 

a. This field is not used for matching purposes in CREST but the content will be used to reduce settlement delays in cases of mismatch. 

IV. Own account transfers either way between 0.5% SDRT and 1.5% SDRT CBL accounts 




O :22F: :STAM /CRST/ a 

E 


M :95R: :DEAG /CRST/ b 

M :95P: :SELL //Ordering party’s BIC 

Mc :97A: :SAFE //Ordering party’s 5-digit CBL account number 




O :22F: :STAM /CRST/ a E 


M :95R: :REAG /CRST/ b 

M :95P: :BUYR //Beneficiary's BIC 

M c :97A: :SAFE //Beneficiary's 5-digit CBL account number 

a. Transfers from a 1.5% to a 0.5% account can be exempted by quoting “No change of beneficial ownership” in the receive instruction. On 

transfers from a 0.5% to a 1.5% account, no SDRT exemption is possible and the receiving party is always liable to pay 1.5% SDRT. 

b. 00XJJ (0.5% regime); or 14XKL (1.5% regime). 

c. This field is not used for matching purposes in CREST but the content will be used to reduce settlement delays in cases of mismatch. 




Va. ISIN GI000A0MV757 - BWIN Party Digital ord share via OEKB - CBL link to OEKB participant for CBL 







M :95R: :DEAG /CRST/14XKL (via CBL account 67242) 

M :95P: :SELL //Ordering party's OEKB participant BIC 

M :97A: :SAFE //Ordering party's 6-digit OEKB account number 





M :95R: :REAG /CRST/14XKL (via CBL account 67242) 

M :95P: :BUYR //Beneficiary's OEKB participant BIC 

M :97A: :SAFE //Beneficiary's 6-digit OEKB account number 

Vb. ISIN GI000A0MV757 - BWIN Party Digital ord share via OEKB - CBL link to OEKB participant for CBL 





M :95P: :PSET //CEDELULL E1 

M :95R: :DEAG /CEDE/67242 

M :95P: :SELL //Ordering party's OEKB participant BIC 

M :97A: :SAFE //Ordering party's 6-digit OEKB account number 




M :95P: :PSET //CEDELULL E1 

M :95R: :REAG /CEDE/67242 

M :95P: :BUYR //Beneficiary's OEKB participant BIC 

M :97A: :SAFE //Beneficiary's 6-digit OEKB account number 




VI. Eurex options exercises 

Seq MT541 Receive Against Payment 

B M :94B: :TRAD //EXCH/ECAG 

M :98a: :TRAD //Trade date/time 


M :22F: :PROC /CRST/xxxx a 

M :70E: :SPRO ///SAFE/xxxxx b 

E C :22F: :STAM // c 

E1 M :95P: :PSET //CRSTGB22[XXX] 

M :95R: :DEAG /CRST/nnnnn (Counterparty’s CREST code) 

C :95P: :SELL //Ordering party’s BIC, if different from DEAG d 


BIC does not exist) d 

C :97A: :SAFE //Ordering party’s account d 

E3 C :19A: :DEAL // d 

MT543 Deliver Against Payment 

B M :94B: :TRAD //EXCH/ECAG 

M :98a: :TRAD //Trade date/time 


M :22F: :PROC /CRST/xxxx a 

M :70E: :SPRO ///SAFE/xxxxx b 

E C :22F: :STAM // c 

E1 M :95P: :PSET //CRSTGB22[XXX] 

M :95R: :REAG /CRST/nnnnn (Counterparty’s CREST code) 

C :95P: :BUYR //Beneficiary’s BIC, if different from REAG d 


does not exist) d 

C :97A: :SAFE //Beneficiary’s account d 

E3 C :19A: :DEAL // d 

a. Axxx or PPxx or SPxx: see “General technical specifications” on page 21. 

b. Account number to be supplied on completion of the account opening process. 

c. The use of these fields depends on whether the transaction is subject to or exempt from stamp duty and on the appropriate accountability. 

For details, please refer to “Input of UK stamp duty fields” on page 7. 

d. This field must not be present for transfers between accounts of the same CREST participant. 



Appendix A. Request for Application of the 0.5% SDRT regime 


Note: This Request for Application of the 0.5% SDRT regime must be completed and submitted with the relevant 

account opening documents. 

(Under customer’s letterhead. Please note that an authenticated communications medium may be used. 

However, the original, signed, under customer's letterhead must always be provided in addition) 

To: 

Clearstream Banking, S.A. 

Attn: NCSC Account Administration 

42 avenue J.F. Kennedy 

L-1855 Luxembourg 

Dear Sir/Madam, 

The undersigned customer of Clearstream Banking, société anonyme, (“Clearstream Banking, Luxembourg” or 

“CBL”): 

Name of customer: 

Address: 

City: Post code: Country: 

hereby requests that the equity securities issued by UK companies or UK investment trusts and other UK 

chargeable securities which the undersigned Customer may hold from time to time in the following account(s) 

with CBL (the “Account(s)”): 

be held by CBL under the alternative system of charge for which CBL has elected under s.97A of the Finance Act 

1986 as amended (hereafter “the 0.5% SDRT regime”). Securities held under the 0.5% SDRT regime will hereafter 

be referred to as “Securities”. 

The undersigned Customer of CBL: 

1. hereby certifies that whenever the undersigned inputs or has input a Transaction Stamp Status (or 

equivalent), as published in the Creation Link Guide (UK II), accepts the respective SDRT code word and 

rules. 

2. hereby undertakes that the Customer does not and will not himself: 

- settle any transfers of Securities between accounts in the customers’ own books (i.e. does not and will 

not operate a clearance service in Securities) or 

- operate a depositary receipt scheme with respect to Securities or 

- act as nominee for a clearance service or for a depositary receipt scheme in respect of Securities; 

3. hereby undertakes that the Customer will indicate that he is or is acting for the accountable person, in 

every delivery instruction pertaining to a transfer for which the Customer is or is acting for the accountable 

person; 




4. hereby undertakes to notify CBL immediately upon receipt of any information that would render any 

statement contained in this Request for Application of the 0.5% SDRT Regime untrue or incomplete; 

5. hereby undertakes to forward to CBL upon request any further details and/or documents which are or may 

be requested by the UK authorities or by CBL with respect to any transactions involving Securities; 

6. hereby accepts full responsibility and indemnifies CBL in respect of any claims, penalties, taxes and 

interest thereon, levied by the UK HM Revenue & Customs or any other UK authority in connection with 

Securities held on behalf of the undersigned, or in respect of any other costs incurred in connection with 

any action taken in reliance upon the contents of this Request for Application of the 0.5% SDRT Regime; 

7. hereby appoints CBL, Clearstream International, London branch, and CBL’s depository and sub-depository 

in the UK, as its attorneys in fact for the purpose of providing this document or a copy of this document and 

any information and documents referred to in paragraph 5 above, to the appropriate UK authorities, if 

requested by the latter under powers conferred on the latter by UK legislation. 

Signed at: __________________________________________ on (day, month, year): ______________________________ 

Authorised signatories: 

. 

Authorised Signature Authorised Signature 

Name Name 

Title Title 



Appendix B. Request for Application of the 1.5% SDRT Regime 


Note: This Request for Application of the 1.5% SDRT Regime must be completed and submitted with the relevant 

account opening documents. 

(Under customer’s letterhead. Please note that an authenticated communications medium may be used. 

However, the original, signed, under customer's letterhead must always be provided in addition) 

To: 

Clearstream Banking, S.A. 

Attn: NCSC Account Administration 

42 avenue J.F. Kennedy 

L-1855 Luxembourg 

The undersigned Customer of Clearstream Banking, société anonyme (“Clearstream Banking, Luxembourg“): 

Name: ________________________________________________________________________________ 

Address: ________________________________________________________________________________ 

City: ___________________________ Post code: ______________ Country: ____________________ 

may hold from time to time in the following account(s) with Clearstream Banking, Luxembourg (“the Account(s)”): 

________________________________________________________________________________ 

________________________________________________________________________________ 

equity securities issued by UK companies or UK investment trusts or other UK chargeable securities, which are 

held by Clearstream Banking, Luxembourg in its capacity as provider of clearance services under s.96 of the 

Finance Act 1986 as amended, and in respect of which Clearstream Banking, Luxembourg has not elected for an 

alternative system of charge under s.97A of the Finance Act 1986 as amended (“Securities”). 




The undersigned Customer of Clearstream Banking, Luxembourg: 

1. hereby certifies that whenever the undersigned inputs or has input a Transaction Stamp Status (or 

equivalent), as published in the Creation Link Guide (UK II), accepts the respective SDRT code word and 

rules. 

2. hereby undertakes to notify Clearstream Banking, Luxembourg immediately upon receipt of any 

information that would render any statement contained in this Certificate of Exemption from UK SDRT 

untrue or incomplete; and 

3. hereby undertakes to forward to Clearstream Banking, Luxembourg upon request any further details 

and/or documents which are or may be requested by the UK authorities or by Clearstream Banking, 

Luxembourg with respect to any transactions involving Securities; and 

4. hereby accepts full responsibility and indemnifies Clearstream Banking, Luxembourg in respect of any 

claims, penalties, taxes and interest thereon, levied by the UK HM Revenue & Customs or any other UK 

authority in connection with Securities held on behalf of the undersigned, or in respect of any other costs 

incurred in connection with any action taken in reliance upon the contents of this Certificate of Exemption 

from UK SDRT; and 

5. hereby appoints Clearstream Banking, Luxembourg and Clearstream Banking, Luxembourg’s depository 

and sub-depository in the UK, as its attorneys in fact for the purpose of providing this document or a copy 

of this document and any information and documents referred to in paragraph 3 above, to the appropriate 

UK authorities, if requested by the latter. 

Signed in:_________________________ on (day, month): _________________________ (year): _________ 

Authorised signatories: 

. 

Authorised Signature Authorised Signature 

Name Name 

Title Title 



Appendix C. CREST Transfer Form 


Complete only the fields as indicated below. All other fields must be left blank for completion by Citibank, N.A. or 

the CREST (CCSS) counter. Please refer to “Key to completing the transfer forms” on page 17. 

1. 

2. 

3. 

4. 

5. 

6. 

7. 

8. 

STOCK TRANSFER FORM 

(1) 

(2) 

Name/s of 

registered holder/s 

should be given in 

full, the address 

should be given 

where there is only 

one holder. 

If the transfer is 

not made by the 


insert also the 

name/s and 

capacity (eg 

Executor/s of the 

person/s making 

the transfer 

Certificate lodged with the Registrar 

Consideration Money £........................... (For completion by the Registrar/Stock Exchange) 

Full name of 

Undertaking (3) 

Full description of 

Security (4) 

Number or amount 

of Shares, Stock or 

other security and, 

in figures column 

only, number and 

denomination of 

units, if any 

Words 

(5) 

Figures (6) 

( Units of ) 

In the name/s of (8) 

(7) A/C Designation (if any) 

I/We hereby transfer the above security out of the name/s aforesaid to the person/s 

named below or to the several persons named in Parts 2 of Brokers Transfer Forms 

relating to the above security: 

Delete words in italics except for stock exchange transactions 

Signature/s of transferor/s 

1. 

2. 

3. 

4. 

(9) 

Full name/s and 

full postal 

address/es 

(including County 

or, if applicable. 

Postal District 

number) of the 

person/s to 

whom the 

security is 

transferred. 

Please state title, 

if any, or whether 

Mr., Mrs., or 

Miss. 

Please complete 

in typewriting or 

in Block Capitals 

Bodies corporate should execute under their common seal. 

I/We request that such entries be made on the register as are necessary to give effect to this transfer. 

16280 (8/02) 

Stamp of Buying Broker/s (if any) 

Stamp of Selling Broker/s or, for transactions which are not stock exchange 

transactions, of Agent/s, if any, acting for the Transferor 



(13) 

(10) 

Date: 


Stamp or name and address of person lodging this form 

(if other than the Buying Broker/s) 

Name and address to whom the share certificate is to be sent 

(12)

CREST 

TRANSFER 

Name of 

Undertaking. 

Description of 

Security 

Please complete form 

in type or in block 

capitals. 

Name(s) of registered 

holder(s) should be 

given in full: the 

address should be 

given where there is 

only holder. 

If the transfer is not 

made by the registered 

holder(s) insert also 

the name(s) and 

capacity (e.g. 

executor(s) of the 

person(s) making the 

transfer 

Please Sign 

Here 

Full name(s) of the 

person(s) to whom the 

security is transferred 

Such person(s) must be 

a system member. 

Reference to the 

Registrar in this form 

means the registrar of 

registration agent of 

the undertaking, not 

the Registrar of 

Companies at 

Companies House. 

Counter Location Stamp Barcode or 

Reference 

SDRN 

Consideration Money 

Above this line for Registrar's use 

Above this line for completion by the depositing system-user only. 

Certificate(s) lodged with Registrar 

(To be completed by Registrar) 

Amount of shares or other security in words Figures 

In the name(s) of 

I/We hereby transfer the above security out of the name(s) aforesaid into the name(s) 

of the system-member set out below and request that the necessary entries be made in 

the undertaking's own register of members. 

Signature(s) of transferor(s) 

1. 

2. 

3. 

4. 

A body corporate should execute this transfer under its common seal or otherwise in accordance with applicable statutory 

requirements. 

Designation (if any) 

Balance certificate(s) required 

Stamp of depositing system-user 

Date 

Participant ID 

Member Account ID 

Euroclear UK & Ireland Limited ('EUI') is delivering this transfer at the direction and on behalf of the depositing system-user whose stamp appears herein and does not in any manner or to 

any extent warrant or represent the validity, genuineness or correctness of the transfer instructions contained herein or the genuineness of the signature(s) of the transferor(s). The depositing 

system-user by delivering this transfer to EUI authorises EUI to deliver this transfer to registration and agrees to be deemed for all purposes to be the person(s) actually so delivering this 

transfer for registration. 

This form should be used only for a transfer of a certificated unit of a security to a CREST member to be held by a CREST member in uncertificated form. It should not be used for conversion of 

a unit held by a CREST member into uncertificated form. 

The CREST rules requires that this form be used for the transfer of a unit of a certificated security to a CREST member to be held by that member in uncertificated form. Any such transfer on this 

form is exempt from stamp duty.

Appendix D. Stock Transfer Form 


Complete only the fields as indicated below. All other fields must be left blank for completion by Citibank, N.A. or 

the CREST (CCSS) counter. Please refer to “Key to completing the transfer forms” on page 17. 

2. 

3. 

4. 

5. 

6. 

7. 

8. 


(1) 

(2) 

Name/s of 






one holder. 





name/s and 

capacity (eg 



the transfer 



Full name of 



Security (4) 







units, if any 

Words 

(5) 

Figures (6) 

( Units of ) 








1. 

2. 

3. 

4. 

(9) 


full postal 

address/es 





person/s to 

whom the 

security is 

transferred. 



Mr., Mrs., or 

Miss. 






16280 (8/02) 






(13) 

(10) 

Date: 





(12)

Stock Transfer Form (continued) 

FORM OF CERTIFICATE REQUIRED WHERE TRANSFER IS EXEMPT FROM STAMP DUTY 


Instruments of transfer executed on or after 1st May 1987 effecting any transactions within the following categories are exempt from stamp duty: 

A. The vesting of property subject to a trustees of the trust on the appointment of a new trustee, or in the continuing trustees on the retirement of 

a trustee. 

B. The conveyance of transfer of property the subject of a specific devise or legacy to the beneficiary named in the will (or his nominee). 

C. The conveyance or transfer of property which forms part of an intestate’s estate to the person entitled on intestacy (or his nominee). 

D. The appropriation of property within section 84(4) of the Finance Act 1985 (death: appropriation in satisfaction of a general legacy of money) or 

section 84(5) or (7) of that Act (death: appropriation in satisfaction of any interest of surviving spouse and in Scotland also of any interest of 

issue). 

E. The conveyance of transfer of property which forms part of the residuary estate of a testator to a beneficiary (or his nominee) entitled solely by 

virtue of his entitlement under the will. 

F. The conveyance or transfer of property out of a settlement in or towards satisfaction of a beneficiary’s interest, not being an interest acquired 

for money or money’s worth, being a conveyance or transfer constituting a distribution of property in accordance with the provisions of the 

settlement. 

G. The conveyance or transfer of property on and in consideration only of marriage to a party to the marriage (or his nominee) or to trustees to be 

held on the terms of a settlement made in consideration only of the marriage. 

H. The conveyance or transfer of property within section 83(1) of the Finance Act 1985 (transfers in connection with divorce etc). 

I. The conveyance of transfer by the liquidator of property which formed part of the assets of the company in liquidation to a shareholder of that 

company (or his nominee) in or towards satisfaction of the shareholder’s rights on a winding-up. 

J. The grant in fee simple of an easement in or over land for no consideration in money or money’s worth. 

K. The grant of a servitude for no consideration in moneys or money’s worth. 

L. The conveyance or transfer of property operating as a voluntary disposition inter vivos for no consideration in money or money’s worth nor any 

consideration referred to in section 57 of the Stamp Act 1981 (conveyance in consideration of a debt etc). 

M. The conveyance or transfer of property by an instrument within section 84(1) of the Finance Act 1985 (death: varying disposition). 

(14) *Delete as appropriate *I/We hereby certify that the transaction in respect of which the transfer is made, is one which falls within the 

category 

† , in the schedule to the Stamp Duty (Exempt Instruments) Regulations 1987, set out above. 

†Insert “A”, “B” or 

Appropriate category 

*Signature/s *Description (‘Transferor’, ‘Solicitor’, etc). 

Date 

*Note – The above certificate should be signed by (i) the transferor/s or (ii) a solicitor or other person (eg bank acting as trustee or executor) having 

a full knowledge of the facts. Such other person must state the capacity in which he signs, that he is authorised so to sign and gives the certificate 

from his own knowledge of the transaction. 

Instructional Notes 

1. In order to obtain exemption from Stamp Duty on transactions described in the above schedule the Certificate must be completed and may then be lodged for 

registration or otherwise acted upon. Adjudication by the Stamp Office is not required. 

2. This form does not apply to transactions falling within categories (a) and (b) in the form of certificate required where the transfer is not liable to ad valorem stamp 

duty set out below. In these cases the form of certificate printed below should be used. Transactions within either of those categories require submission of the 

form to the Stamp Office and remain liable to minimum £5.00 duty. 

Form of certificate required where the transfer is not exempt but is not liable to 

ad valorem Stamp Duty (£5.00 fixed payable) 

Instruments of transfer are liable to a fixed duty of £5.00 when the transaction falls within one of the following categories: 

(a) Transfer by way of security for a loan or re-transfer to the original transferor on repayment of a loan. 

(b) Transfer, not on sale and not arising under any contract of sale and where no beneficial interest in the property passes: (i) to a person who is mere nominees of, and 

is nominated only by, the transferor; (ii) from a mere nominee who has at all times, held the property on behalf of the transferee, (iii) from one nominee to another 

nominee of the same beneficial owner where the first nominee has at all times held the property on behalf of that beneficial owner. (NOTE – This category does not 

include a transfer made in any of the following circumstances: (i) by a holder of stock, etc., following the grant of an option to purchase the stock, to the person 

entitled to the option or his nominees: (ii) to a nominee in contemplation of a contract for the sale of the stock etc, then about to be entered into; (iii) from the 

nominee of a vendor, who has instructed the nominee orally or by some unstamped writing to hold stock, etc., in trust for a purchaser, to such a purchaser.) 

(15) I/We hereby certify that the transaction in respect of which this transfer is made is one which falls within the 

category (a)/(b) above (delete as appropriate) 

Here set out concisely the 

facts explaining the 

transaction in cases falling 

within (a) or (b) or in any case 

where £5.00 fixed duty is 

offered 

*Signature/s *Description (‘Transferor’, ‘Solicitor’, etc) 

Date 

*NOTE – The above certificate should be signed by (1) the transferor/s or (2) a member of a stock exchange or a solicitor or an accredited representative of a bank acting 

for the transferor/s. A certificate in other cases should be signed by a solicitor or other person (eg a bank acting as trustee or executor) having a full knowledge of the facts. 




(1) 

(2) 

Name/s of 






one holder. 





name/s and 

capacity (eg 



the transfer 



Full name of 



Security (4) 







units, if any 

Words 

(5) 

Figures (6) 

( Units of ) 








1. 

2. 

3. 

4. 

(9) 


full postal 

address/es 





person/s to 

whom the 

security is 

transferred. 



Mr., Mrs., or 

Miss. 






16280 (8/02) 


(13) 



(10) 

Date: 





(12)

FORM OF CERTIFICATE REQUIRED WHERE TRANSFER IS EXEMPT FROM STAMP DUTY 

Instruments of transfer executed on or after 1st May 1987 effecting any transactions within the following categories are exempt from stamp duty: 

A. The vesting of property subject to a trustees of the trust on the appointment of a new trustee, or in the continuing trustees on the retirement of 

a trustee. 

B. The conveyance of transfer of property the subject of a specific devise or legacy to the beneficiary named in the will (or his nominee). 

C. The conveyance or transfer of property which forms part of an intestate’s estate to the person entitled on intestacy (or his nominee). 

D. The appropriation of property within section 84(4) of the Finance Act 1985 (death: appropriation in satisfaction of a general legacy of money) or 

section 84(5) or (7) of that Act (death: appropriation in satisfaction of any interest of surviving spouse and in Scotland also of any interest of 

issue). 

E. The conveyance of transfer of property which forms part of the residuary estate of a testator to a beneficiary (or his nominee) entitled solely by 

virtue of his entitlement under the will. 

F. The conveyance or transfer of property out of a settlement in or towards satisfaction of a beneficiary’s interest, not being an interest acquired 

for money or money’s worth, being a conveyance or transfer constituting a distribution of property in accordance with the provisions of the 

settlement. 

G. The conveyance or transfer of property on and in consideration only of marriage to a party to the marriage (or his nominee) or to trustees to be 

held on the terms of a settlement made in consideration only of the marriage. 

H. The conveyance or transfer of property within section 83(1) of the Finance Act 1985 (transfers in connection with divorce etc). 

I. The conveyance of transfer by the liquidator of property which formed part of the assets of the company in liquidation to a shareholder of that 

company (or his nominee) in or towards satisfaction of the shareholder’s rights on a winding-up. 

J. The grant in fee simple of an easement in or over land for no consideration in money or money’s worth. 

K. The grant of a servitude for no consideration in moneys or money’s worth. 

L. The conveyance or transfer of property operating as a voluntary disposition inter vivos for no consideration in money or money’s worth nor any 

consideration referred to in section 57 of the Stamp Act 1981 (conveyance in consideration of a debt etc). 

M. The conveyance or transfer of property by an instrument within section 84(1) of the Finance Act 1985 (death: varying disposition). 

(14) *Delete as appropriate *I/We hereby certify that the transaction in respect of which the transfer is made, is one which falls within the 

category 

† , in the schedule to the Stamp Duty (Exempt Instruments) Regulations 1987, set out above. 

†Insert “A”, “B” or 

Appropriate category 

*Signature/s *Description (‘Transferor’, ‘Solicitor’, etc). 

Date 

*Note – The above certificate should be signed by (i) the transferor/s or (ii) a solicitor or other person (eg bank acting as trustee or executor) having 

a full knowledge of the facts. Such other person must state the capacity in which he signs, that he is authorised so to sign and gives the certificate 

from his own knowledge of the transaction. 

Instructional Notes 

1. In order to obtain exemption from Stamp Duty on transactions described in the above schedule the Certificate must be completed and may then be lodged for 

registration or otherwise acted upon. Adjudication by the Stamp Office is not required. 

2. This form does not apply to transactions falling within categories (a) and (b) in the form of certificate required where the transfer is not liable to ad valorem stamp 

duty set out below. In these cases the form of certificate printed below should be used. Transactions within either of those categories require submission of the 

form to the Stamp Office and remain liable to minimum £5.00 duty. 

Form of certificate required where the transfer is not exempt but is not liable to 

ad valorem Stamp Duty (£5.00 fixed payable) 

Instruments of transfer are liable to a fixed duty of £5.00 when the transaction falls within one of the following categories: 

(a) Transfer by way of security for a loan or re-transfer to the original transferor on repayment of a loan. 

(b) Transfer, not on sale and not arising under any contract of sale and where no beneficial interest in the property passes: (i) to a person who is mere nominees of, and 

is nominated only by, the transferor; (ii) from a mere nominee who has at all times, held the property on behalf of the transferee, (iii) from one nominee to another 

nominee of the same beneficial owner where the first nominee has at all times held the property on behalf of that beneficial owner. (NOTE – This category does not 

include a transfer made in any of the following circumstances: (i) by a holder of stock, etc., following the grant of an option to purchase the stock, to the person 

entitled to the option or his nominees: (ii) to a nominee in contemplation of a contract for the sale of the stock etc, then about to be entered into; (iii) from the 

nominee of a vendor, who has instructed the nominee orally or by some unstamped writing to hold stock, etc., in trust for a purchaser, to such a purchaser.) 

(15) I/We hereby certify that the transaction in respect of which this transfer is made is one which falls within the 

category (a)/(b) above (delete as appropriate) 

Here set out concisely the 

facts explaining the 

transaction in cases falling 

within (a) or (b) or in any case 

where £5.00 fixed duty is 

offered 

*Signature/s *Description (‘Transferor’, ‘Solicitor’, etc)

United Kingdom II - Clearstream

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