BT 2016 Annual Report Download - page 256

262 BT Group plc
Annual Report 2016
The above statements are intended as a general guide to the
current position. Certain categories of person (including recognised
market makers, brokers and dealers) may not be liable to stamp
duty or SDRT or may, although not liable for the tax, be required
to notify and account for it under the Stamp Duty Reserve Tax
Regulations 1986.
UK inheritance and gift taxes in connection with
ordinary shares and/or ADSs
The rules and scope of domicile are complex and action should not
be taken without advice specific to the individual’s circumstances.
A lifetime gift or a transfer on death of ordinary shares and/or ADSs
by an individual holder, who is US domiciled (for the purposes of
the UK/US Estate and Gift Tax Convention) and who is not a UK
national (as defined in the Convention) will not generally be subject
to UK inheritance tax if the gift is subject to US federal gift or US
estate tax unless the tax is not paid (otherwise than as a result of a
specific exemption, deduction, exclusion, credit or allowance).
Limitations affecting security holders
There are no government laws, decrees, regulations, or other UK
legislation which have a material effect on the import or export of
capital, including the availability of cash and cash equivalents for
use by the company except as otherwise described in Taxation (US
Holders).
There are no limitations under UK law restricting the right of non-
residents to hold or to vote shares in the company.