STSM041100 - Exemptions and Reliefs: exemptions: Permanent Interest Bearing shares (PIBs)
Permanent Interest Bearing Shares (PIBS) are building society shares which count as capital. Being mutual institutions, building societies do not and cannot have a 바카라 사이트榮hare capital바카라 사이트� in the same way as public limited companies. Building society 바카라 사이트榮hares바카라 사이트� are effectively debt deposits carrying amongst other things limited voting rights and to the surplus of a Society on dissolution.
Section 109(1) of Building Societies Act 1986 exempts from stamp duty various instruments issued by building societies. This includes including 바카라 사이트渁ny transfer of a share in a building society바카라 사이트� (section 109(1)(b)) and 바카라 사이트榓ny other instrument whatsoever which is required or authorised to be given, issued, signed, made or produced in pursuance of this Act or of the rules of a Building Society바카라 사이트�.
Section 109(b) and (c) exempt building society shares and bonds respectively. Therefore the transfers of PIBS issued by a building society are exempt from stamp duty (and SDRT) and do not need to be stamped.