Legislation Day 2026: The Securities Transfer Tax

Cleary Gottlieb partners Robert Sharpe and Richard Sultman co-authored the article, “Legislation Day 2026: The Securities Transfer Tax,” published by Tax Journal.

Rob and Richard discussed the new “securities transfer tax” (STT), which will replace stamp duty and SDRT with a single 0.5% self-assessed tax on buyers of chargeable securities. They noted the legislation simplifies key exemptions and takes a targeted approach to partnerships, while preserving the 1.5% higher rate for clearance services and depositary receipt issuers. They welcomed the long-overdue modernization but acknowledged there will be implementation challenges ahead.

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