Jurisdiction(s):
United Kingdom

Related legal acts

Key definition

Investment definition

What does Investment mean? In practice, investment describes an asset or bundle of rights committed in a host state with the aim of generating a return. In investor-state work, the operative definition is treaty-specific: most bilateral investment treaties (BITs) and the Energy Charter Treaty use broad, asset-based lists covering, where applicable, tangible and intangible property located in the territory, shareholdings and other equity interests, contractual rights (including concessions), intellectual property, and loans or claims to money, subject to stated carve-outs. The ICSID Convention does not define investment; tribunals assess jurisdiction by the treaty text and case law, commonly considering a contribution of resources,...

UK stamp duty and SDRT treatment of sukuk (AFIBs): issue and transfer, loan capital exemption, bearer/non-AFIB considerations, and securitisation relief

Published by a LexisNexis Tax expert

Practice notes

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

In 2027, Stamp duty and SDRT will be brought together as a single, self-assessed tax on securities—the securities transfer charge (STC)—to be paid and reported via a new online portal. The STC’s core features will broadly mirror the proposals consulted on in 2023. From Royal Assent, Finance Bill 2026 (FB 2026) will confer a power for secondary legislation, enabling taxpayers to trial the digital service, calculate their stamp taxes on securities liabilities themselves, and submit transaction details electronically.

For further detail on the modernisation of 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
Tax Administration and Maintenance Day—27 April 2023—Stamp and transfer taxes

The government has also consulted on modernising and clarifying the legislation for the higher 1.5% stamp tax charge; however, no outcome to that consultation has yet been released...

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Sarah Squires

Old Square Tax Chambers

Sarah is a barrister at Old Square Tax Chambers, having been called to the bar in 2017. She has significant corporate tax experience, having practised a as a solicitor in leading City firms prior to re-qualifying as a barrister. She started her professional career in the tax department of Linklaters and then, following a move to Clifford Chance LLP in 2000, became a partner in their tax group in 2002. Sarah is a member of the Law Society Tax Law Committee. In addition, she also acts as a consultant to various trade and other representation bodies on tax policy matters. Sarah's practice is focused on general business and corporate tax matters, including in relation to real estate, finance and capital markets transactions....

Web page updated on 22/05/2026

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