Jurisdiction(s):
United Kingdom

Related legal acts

Key definition

Stock lending definition

What does Stock lending mean? Stock lending is the temporary transfer of securities by a lender (commonly an institutional investor such as a pension scheme) to a borrower in return for collateral and a lending fee, with the borrower obliged to return equivalent securities on demand or at term. In market practice, legal title to the securities passes to the borrower, who may on‑sell or re‑use them; the lender receives “manufactured” payments in lieu of dividends and typically relinquishes voting rights during the loan. The term is a market description rather than a single statutory definition. However, UK and Irish legislation recognise securities lending for tax...

UK Stamp Duty and SDRT Relief for Stock Lending and Repos: Conditions, Claims, CREST Automation, Clawback and Insolvency; Forthcoming Transition to the Securities Transfer Charge

Published by a LexisNexis Tax expert

Practice notes

FORTHCOMING CHANGE relating to the modernisation of stamp taxes on shares framework:

From 2027, stamp duty and SDRT will be superseded by a single, self-assessed levy on securities — the securities transfer charge (STC) — to be paid and reported via a new online portal. This consolidation forms part of the modernisation of the stamp taxes on shares framework. The STC’s core features are expected to broadly reflect the proposals consulted on in 2023. Finance Bill 2026 (FB 2026) confers a power, effective from Royal Assent, for secondary legislation to be made so that taxpayers can trial the digital service, self-assessing their stamp taxes on securities obligations and submitting transaction details electronically through that service. For more on the programme to modernise stamp taxes on securities, see News Analyses: Budget 2025—Tax analysis—Stamp and transfer taxes; Tax update spring 2025—Stamp taxes on shares modernisation; Tax update spring 2025—Tax analysis—Stamp and transfer taxes; TAMD 2023—Stamp taxes on shares modernisation; TAMD 2023—consultation—stamp taxes on shares; and Tax Administration and Maintenance Day—27 April 2023—Stamp and transfer taxes...

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Web page updated on 22/05/2026

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