§ Mr. GibbTo ask the Chancellor of the Exchequer what stamp duty is on share transactions in(a) Germany, (b) France and (c) The United Kingdom; and what assessment he has made of the impact of differential stamp duties on share transactions on the competitiveness of the City of London. [3624]
§ Dawn PrimaroloUK stamp duty on share transfers is generally charged at 0.5 per cent. In certain circumstances—for example, a transfer of shares into a depositary receipt scheme—the rate of duty is 1.5 per cent.
In France a stock exchange turnover tax is charged on both purchases and sales of shares. The tax is charged at 0.3 per cent. of the price up to FF 1 million, and 0.15 per cent., on any excess of over FF 21 million. The amount of tax is then reduced by FF 150. The maximum tax on a transaction is FF 4,000. There is also a 1 per cent. registration tax on deeds relating to the transfer of company shares, up to a FF 20,000 maximum.
There is no share transfer tax in Germany.
Stamp duties on share transactions do not affect the competitiveness of the City of London.
§ Mr. BoswellTo ask the Chancellor of the Exchequer if he will list the number of assessments and the revenue derived from stamp duty on property transactions in each band of £5,000 between £60,000 and £100,000 in the latest convenient year. [3444]
§ Dawn PrimaroloEstimates for 1995–96 are as follows:
107W
Price of transactions Number of property transactions (thousands) Value of stamp duty (£ million) £60,000 to under £65,000 50 30 £65,000 to under £70,000 55 35 £70,000 to under £75,000 45 30 £75,000 to under £80,000 40 30 £80,000 to under £85,000 35 25 £85,000 to under £90,000 30 25 £90,000 to under £95,000 25 20 £95,000 to under £100,000 20 20 Total1 295 225 1 Totals may not be the sum of the figures shown because of rounding.
§ Mr. BoswellTo ask the Chancellor of the Exchequer what the yield of stamp duty reserve tax has been in each tax year since its inception. [3448]
§ Dawn PrimaroloThe figures are as follows:
Stamp duty reserve tax receipts (£ million) 1986–87 44.2 1987–88 103.9 1988–89 64.2 1989–90 82.2 1990–91 73.4 1991–92 100.5 1992–93 48.0 1993–94 59.5 1994–95 42.4 1995–96 44.7 1996–971 310.0 1 Provisional. The sharp rise in 1996–97 reflects the switch to electronic share transfers following the introduction of the CREST system and the consequent rise in transactions liable to stamp duty reserve tax rather than to stamp duty.
Leaded petrol Unleaded petrol Beer at 4 per cent. abv Excise duty (pence per litre) VAT (per cent.) Excise duty (pence per litre) VAT (per cent.) Excise duty (£ sterling per hectolitre) VAT (per cent.) Austria n/a 20.00 29.73 20.00 11.94 20.00 Belgium 40.57 21.00 36.69 21.00 14.09 21.00 Denmark n/a 25.00 31.94 25.00 28.34 25.00 Finland n/a 22.00 38.45 22.00 95.31 22.00 France 44.15 20.60 41.18 20.60 8.44 20.60 Germany 39.63 15.00 35.96 15.00 6.44 15.00 Greece 28.79 18.00 25.05 18.00 10.22 18.00 Ireland 32.77 21.00 29.22 21.00 64.14 21.00 Italy 40.88 19.00 37.60 19.00 11.35 10.00 Luxembourg 28.66 15.00 24.92 12.00 6.52 15.00 Netherlands 42.43 17.50 37.77 17.50 13.17 17.50 Portugal 35.90 17.00 33.41 17.00 9.28 17.00 Spain 33.42 16.00 25.74 16.00 6.36 16.00 Sweden n/a 25.00 34.72 25.00 55.96 25.00 UK 41.68 17.50 36.86 17.5 43.28 17.50 Comparable figures for cigarettes are not available.