Notice N53/99

LONDON STOCK EXCHANGE
25 August 1999


For the attention of the
chairman/senior partner/compliance officer,
all member firms                                                      N53/99


STOCK EXCHANGE NOTICE

IRISH SECURITIES ON SETS - STAMP DUTY

1. Four Irish-incorporated securities have traded on the order book since
early July 1999.  Bord Telecom Eireann plc was introduced to trading on the
order book on 8 July 1999 and Allied Irish Banks plc, CRH plc and Bank of
Ireland (Governor and Co of) were promoted to the order book as of 12 July
1999.

2. As these securities are issued by Irish-incorporated entities, their
transfer does not incur a charge to either UK Stamp Duty or Stamp Duty Reserve
Tax.  The transfers are liable instead to Irish Stamp Duty under the First
Schedule of the Irish Stamp Act 1891 or Part IV of the Irish Finance Act 1996.

3. Irish Stamp Duty is chargeable on transactions settled in CREST unless an
exemption is applicable.  The exemptions available include:

a) Market Maker, in accordance with section 106(3) of the Finance Act 1996;
and 

b) Broker Dealer, in accordance with section 107 of the Finance Act 1996.

4. Following the addition of the four Irish securities to the order book
(Allied Irish Banks, Bank of Ireland, CRH and Bord Telecom Eireann), the
Revenue Commissioners in Ireland have agreed that, where a market maker
exemption previously applied in relation to any one of those securities, the
exemption may continue to be claimed in respect of all the above four Irish
securities (by the input of the transaction stamp status 'Z' in the Stamp
Status field in the transaction details input to CREST).  This is an interim
arrangement pending a review of the Finance Act 1996 to take account of the
new trading platform.

5. The CREST Audit Unit of the Revenue Commissioners will continue to review
exemptions claimed by CREST members.  If a member is unsure of the correct
stamp status to use, reference should be made to information packs previously
issued by the Revenue Commissioners.  Alternatively, members may contact the
CREST Customer Service & Audit Unit at 00353 1 679 2777, extensions 48521 and
48621.

6. Application of the Broker Dealer exemption is not affected by the move to
trading on the order book.

7. This Notice has been read and approved by the Revenue Commissioners in
Ireland.

8. If member firms have any questions about their liability to Stamp Duty,
they should contact their tax advisers.


A E Scott-Bishop
Head of Regulatory Development


Any comments on this notice should be addressed to the Market Regulation
department, telephone [phone] (STX 34082).