Question to the HM Treasury:

To ask Her Majesty’s Government how much stamp duty reserve tax has been repaid following the 2012 decision of the First-Tier Tribunal (Tax) in the case of<i> HSBC Holdings PLC and the Bank of New York Mellon Corporation v HMRC</i> (TC/2009/165484).

The First Tier Tribunal in the case of HSBC Holdings PLC and the Bank of New York Mellon Corporation v HMRC decided in March 2012 that the taxing of Stamp Duty Reserve Tax at 1.5% on a transfer of shares which is integral to a share capital raising exercise to a depositary receipt issuer or clearance service, infringed the Capital Duty Directive. Following that decision, HMRC has repaid a total of £168 million Stamp Duty Reserve Tax to various claimants.