Procedure for submission of share transfer notices

The Commissioner for Revenue and the Registrar of Companies have announced that documents relating to share transfers, changes in issued share capital/voting rights of companies and other commercial partnerships where applicable, and transfers of interests in partnerships, requiring registration by the ICTU, are to be delivered to the ICTU prior to forwarding them to the Registry of Companies.

This process will also apply, with effect from 1 February 2021, to transfers/changes in respect of which there is a valid determination issued in terms of Article 47 of the Duty on Documents and Transfers Act (DDT 10). The documentation must be accompanied by the relevant Capital Gains Schedule, auditor’s report and supporting documentation as applicable.

The CfR notice has also clarified that in the case of transfers (including deemed transfers) of interests held in partnerships, the  capital gains and duty Schedules required to be submitted from an Income Tax and Duty on Documents and Transfers perspective are the same as those applicable to transfers in/changes to the issued share capital held in companies.