|
|
 | | | |
- close
- close
- close
- close
These excerpts taken from the BP 424B5 filed Mar 13, 2009. 7. Stamp Duty and Stamp Duty Reserve Tax
No U.K. stamp duty or stamp duty reserve tax will generally be payable by a holder of debt securities on the creation, issue or redemption of the debt securities by BP Capital U.K.
No liability for U.K. stamp duty or stamp duty reserve tax will arise on a transfer of, or an agreement to transfer, debt securities unless such securities carry:
Where non-U.K. debt securities carry any of the above rights then no liability to U.K. stamp duty reserve tax should arise on an agreement to transfer such securities provided that the register for such securities is maintained outside the United Kingdom and no liability to U.K. stamp duty should arise on the transfer of such securities provided that the instrument of transfer is not executed in the United Kingdom and does not relate to any property situated, or to any matter done or to be done, in the United Kingdom.
7. Stamp Duty and Stamp Duty
No U.K. stamp duty or stamp duty reserve
securities carry:
such securities provided that the register for such securities is maintained outside the United Kingdom and no liability to U.K. stamp duty should arise on the transfer of such securities provided that the instrument of transfer is not executed in the United Kingdom and does not relate to any property situated, or to any matter done or to be done, in the United Kingdom.
Under European Council Directive 2003/48/EC on the taxation of savings These excerpts taken from the BP 424B5 filed Mar 6, 2009. 7. Stamp Duty and Stamp Duty Reserve Tax
No U.K. stamp duty or stamp duty reserve tax will generally be payable by a holder of debt securities on the creation, issue or redemption of the debt securities by BP Capital U.K.
No liability for U.K. stamp duty or stamp duty reserve tax will arise on a transfer of, or an agreement to transfer, debt securities unless such securities carry:
Where non-U.K. debt securities carry any of the above rights then no liability to U.K. stamp duty reserve tax should arise on an agreement to transfer such securities provided that the register for such securities is maintained outside the United Kingdom and no liability to U.K. stamp duty should arise on the transfer of such securities provided that the instrument of transfer is not executed in the United Kingdom and does not relate to any property situated, or to any matter done or to be done, in the United Kingdom.
7. Stamp Duty and Stamp Duty
No U.K. stamp duty or stamp duty reserve
securities carry:
such securities provided that the register for such securities is maintained outside the United Kingdom and no liability to U.K. stamp duty should arise on the transfer of such securities provided that the instrument of transfer is not executed in the United Kingdom and does not relate to any property situated, or to any matter done or to be done, in the United Kingdom.
Under European Council Directive 2003/48/EC on the taxation of savings These excerpts taken from the BP 424B5 filed Nov 5, 2008. 7. Stamp Duty and Stamp Duty Reserve Tax
No U.K. stamp duty or stamp duty reserve tax will generally be payable by a holder of debt securities on the creation, issue or redemption of the debt securities by BP Capital U.K.
No liability for U.K. stamp duty or stamp duty reserve tax will arise on a transfer of, or an agreement to transfer, debt securities unless such securities carry:
Where non-U.K. debt securities carry any of the above rights then no liability to U.K. stamp duty reserve tax should arise on an agreement to transfer such securities provided that the register for such securities is maintained outside the United Kingdom and no liability to U.K. stamp duty should arise on the transfer of such securities provided that the instrument of transfer is not executed in the United Kingdom and does not relate to any property situated, or to any matter done or to be done, in the United Kingdom.
7. Stamp Duty and Stamp Duty
No U.K. stamp duty or stamp duty reserve
securities carry:
such securities provided that the register for such securities is maintained outside the United Kingdom and no liability to U.K. stamp duty should arise on the transfer of such securities provided that the instrument of transfer is not executed in the United Kingdom and does not relate to any property situated, or to any matter done or to be done, in the United Kingdom.
Under European Council Directive 2003/48/EC on the taxation of savings These excerpts taken from the BP 424B5 filed Mar 13, 2008. 7. Stamp Duty and Stamp Duty Reserve Tax
No U.K. stamp duty or stamp duty reserve tax will generally be payable by a holder of debt securities on the creation, issue or redemption of the debt securities by BP Capital U.K.
No liability for U.K. stamp duty or stamp duty reserve tax will arise on a transfer of, or an agreement to transfer, debt securities unless such securities carry:
Where non-U.K. debt securities carry any of the above rights then no liability to U.K. stamp duty reserve tax should arise on an agreement to transfer such securities provided that the register for such securities is maintained outside the United Kingdom and no liability to U.K. stamp duty should arise on the transfer of such securities provided that the instrument of transfer is not executed in the United Kingdom and does not relate to any property situated, or to any matter done or to be done, in the United Kingdom.
7. Stamp Duty and Stamp Duty
No U.K. stamp duty or stamp duty reserve
securities carry:
such securities provided that the register for such securities is maintained outside the United Kingdom and no liability to U.K. stamp duty should arise on the transfer of such securities provided that the instrument of transfer is not executed in the United Kingdom and does not relate to any property situated, or to any matter done or to be done, in the United Kingdom.
Under European Council Directive 2003/48/EC on the taxation of savings This excerpt taken from the BP 20-F filed Jun 13, 2006. UK Stamp Duty and Stamp Duty Reserve Tax The statements below relate to what is understood to be the current practice of the UK Inland Revenue under existing law. Provided that the instrument of transfer is not executed in the UK and remains at all times outside the UK, and the transfer does not relate to any matter or thing done or to be done in the UK, no UK stamp duty is payable on the acquisition or transfer of ADSs. Neither will an agreement to transfer ADSs in the form of ADRs give rise to a liability to stamp duty reserve tax. Purchases of ordinary shares, as opposed to ADSs, through the CREST system of paperless share transfers will be subject to stamp duty reserve tax at 0.5%. The charge will arise as soon as there is an agreement for the transfer of the shares (or, in the case of a conditional agreement, when the condition is fulfilled). The stamp duty reserve tax will apply to agreements to transfer ordinary shares even if the agreement is made outside the UK between two non-residents. Purchases of ordinary shares outside the CREST system are subject either to stamp duty at a rate of 50 pence per £100 (or part), or stamp duty reserve tax at 0.5%. Stamp duty and stamp duty reserve tax are generally the liability of the purchaser. A subsequent transfer of ordinary shares to the Depositary's nominee will give rise to further stamp duty at the rate of £1.50 per £100 (or part) or stamp duty reserve tax at the rate of 1.5% of the value of the ordinary shares at the time of the transfer. A transfer of the underlying ordinary shares to an ADR holder upon cancellation of the ADSs without transfer of beneficial ownership will give rise to UK stamp duty at the rate of £5 per transfer. An ADR holder electing to receive ADSs instead of a cash dividend will be responsible for the stamp duty reserve tax due on issue of shares to the Depositary's nominee and calculated at the rate of 1.5% on the issue price of the shares. Current UK Inland Revenue practice is to calculate the issue price by reference to the total cash receipt (i.e, cash dividend plus the Refund if any) to which a US Holder would have been entitled had the election to receive ADSs instead of a cash dividend not been made. ADR holders electing to receive ADSs instead of the cash dividend authorize the Depositary to sell sufficient shares to cover this liability. It is possible to read and copy documents referred to in this annual report on Form 20-F that have been filed with the SEC at the SEC's public reference room located at 100 F Street NE, Washington, DC 20549. Please call the SEC at 1-800-SEC-0330 for further information on the public reference rooms and their copy charges. The SEC filings are also available to the public from commercial document retrieval services and, for most recent BP periodic filings only, at the Internet world wide web site maintained by the SEC at www.sec.gov. 167 ITEM 11 — QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK BP is exposed to a number of different market risks arising from the Group's normal business activities. Market risk is the possibility that changes in currency exchange rates, interest rates or oil and natural gas prices will adversely affect the value of the Group's financial assets, liabilities or expected future cash flows. The Group has developed policies aimed at managing the volatility inherent in certain of these natural business exposures and in accordance with these policies the Group enters into various transactions using derivative financial and commodity instruments (derivatives). Derivatives are contracts whose value is derived from one or more underlying financial or commodity instruments, indices or prices which are defined in the contract. The Group also trades derivatives in conjunction with risk management activities. The Group's supply and trading activities in oil, natural gas, power and financial markets are managed within a single integrated function. This has the responsibility for ensuring high and consistent standards of control, making investments in the necessary systems and supporting infrastructure and providing professional management oversight. In market risk management and trading, conventional exchange-traded derivative instruments such as futures and options are used, as well as conventional non-exchange-traded instruments such as swaps, 'over-the-counter' options and forward contracts. Where derivatives constitute a hedge, the Group's exposure to market risk created by the derivative is offset by the opposite exposure arising from the asset, liability or transaction being hedged. By contrast, where derivatives are held for trading purposes realized and unrealized gains and losses, are recognized in the period in which they occur. All derivative activity, whether for risk management or trading, is carried out by specialist teams that have the appropriate skills, experience and supervision. These teams are subject to close financial and management control. The appropriate governance, control framework and reporting processes are in place to oversee these internal control activities. On an ongoing basis, an independent control function monitors compliance with BP's policies that are in line with generally accepted industry practice, reflecting the principles of the Group of Thirty Global Derivatives Study. The control framework includes prescribed trading limits that are reviewed regularly by senior management, daily monitoring of risk exposure using value-at-risk principles, marking trading exposures to market and stress testing to assess the exposure to potentially extreme market situations. Further information about BP's use of derivatives, their characteristics, and the accounting treatment thereof is given in Item 18 — Financial Statements — Note 1 and Note 28 on pages F-12 and F-48. The Group's accounting policies under UK GAAP do not satisfy the criteria for hedge accounting under SFAS No. 133 'Accounting for Derivative Instruments and Hedging Activities'. See Item 18 — Financial Statements — Note 50 on page F-113 for further information. This excerpt taken from the BP 20-F filed Jun 30, 2005. UK Stamp Duty and Stamp Duty Reserve Tax The statements below relate to what is understood to be the current practice of the UK Inland Revenue under existing law. Provided that the instrument of transfer is not executed in the UK and remains at all times outside the UK, and the transfer does not relate to any matter or thing done or to be done in the UK, no UK stamp duty is payable on the acquisition or transfer of ADSs. Neither will an agreement to transfer ADSs in the form of ADRs give rise to a liability to stamp duty reserve tax. Purchases of ordinary shares, as opposed to ADSs, through the CREST system of paperless share transfers will be subject to stamp duty reserve tax at 0.5%. The charge will arise as soon as there is an agreement for the transfer of the shares (or, in the case of a conditional agreement, when the condition is fulfilled). The stamp duty reserve tax will apply to agreements to transfer ordinary shares even if the agreement is made outside the UK between two non-residents. Purchases of ordinary shares outside the CREST system are subject either to stamp duty at a rate of 50 pence per £100 (or part), or stamp duty reserve tax at 0.5%. Stamp duty and stamp duty reserve tax are generally the liability of the purchaser. A subsequent transfer of ordinary shares to the Depositary's nominee will give rise to further stamp duty at the rate of £1.50 per £100 (or part) or stamp duty reserve tax at the rate of 1.5% of the value of the ordinary shares at the time of the transfer. A transfer of the underlying ordinary shares to an ADR holder upon cancellation of the ADSs without transfer of beneficial ownership will give rise to UK stamp duty at the rate of £5 per transfer. An ADR holder electing to receive ADSs instead of a cash dividend will be responsible for the stamp duty reserve tax due on issue of shares to the Depositary's nominee and calculated at the rate of 1.5% on the issue price of the shares. Current UK Inland Revenue practice is to calculate the issue price by reference to the total cash receipt (i.e, cash dividend plus the Refund if any) to which a US Holder would have been entitled had the election to receive ADSs instead of a cash dividend not been made. ADR holders electing to receive ADSs instead of the cash dividend authorize the Depositary to sell sufficient shares to cover this liability. It is possible to read and copy documents referred to in this annual report on Form 20-F that have been filed with the SEC at the SEC's public reference room located at 100 F Street NE, Washington, DC 20549. Please call the SEC at 1-800-SEC-0330 for further information on the public reference rooms and their copy charges. The SEC filings are also available to the public from commercial document retrieval services and, for most recent BP periodic filings only, at the Internet world wide web site maintained by the SEC at www.sec.gov. 161 ITEM 11 — QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK BP is exposed to a number of different market risks arising from the Group's normal business activities. Market risk is the possibility that changes in currency exchange rates, interest rates or oil and natural gas prices will adversely affect the value of the Group's financial assets, liabilities or expected future cash flows. The Group has developed policies aimed at managing the volatility inherent in certain of these natural business exposures and in accordance with these policies the Group enters into various transactions using derivative financial and commodity instruments (derivatives). Derivatives are contracts whose value is derived from one or more underlying financial or commodity instruments, indices or prices which are defined in the contract. The Group also trades derivatives in conjunction with risk management activities. The Group's supply and trading activities in oil, natural gas, power and financial markets are managed within a single integrated function. This has the responsibility for ensuring high and consistent standards of control, making investments in the necessary systems and supporting infrastructure and providing professional management oversight. In market risk management and trading, conventional exchange-traded derivative instruments such as futures and options are used, as well as conventional non-exchange-traded instruments such as swaps, 'over-the-counter' options and forward contracts. Where derivatives constitute a hedge, the Group's exposure to market risk created by the derivative is offset by the opposite exposure arising from the asset, liability or transaction being hedged. By contrast, where derivatives are held for trading purposes realized and unrealized gains and losses, are recognized in the period in which they occur. All derivative activity, whether for risk management or trading, is carried out by specialist teams that have the appropriate skills, experience and supervision. These teams are subject to close financial and management control. The appropriate governance, control framework and reporting processes are in place to oversee these internal control activities. On an ongoing basis, an independent control function monitors compliance with BP's policies that are in line with generally accepted industry practice, reflecting the principles of the Group of Thirty Global Derivatives Study. The control framework includes prescribed trading limits that are reviewed regularly by senior management, daily monitoring of risk exposure using value-at-risk principles, marking trading exposures to market and stress testing to assess the exposure to potentially extreme market situations. Further information about BP's use of derivatives, their characteristics, and the accounting treatment thereof is given in Item 18 — Financial Statements — Note 1 and Note 28 on pages F-12 and F-49. The Group's accounting policies under UK GAAP do not satisfy the criteria for hedge accounting under SFAS No. 133 'Accounting for Derivative Instruments and Hedging Activities'. See Item 18 — Financial Statements — Note 50 on page F-114 for further information. | EXCERPTS ON THIS PAGE:
|
| |||||||
