HC Deb 16 December 1998 vol 322 cc564-5W
Mr. Whittingdale

To ask the Chancellor of the Exchequer if he will list the rate of stamp duty applied on share transactions in each member state of the European Union. [62277]

Ms Hewitt

[holding answer 3 December 1998]: Other Member States impose a variety of taxes on share transactions. The table gives a broad summary of the latest information we have about stamp duties and similar taxes on share transfers in EU Member States.

EU Member States
Netherlands No stamp duty on share transfers.
Portungal Stamp duty is levied on the transfer of shares at 4% on commission9
Spain Share transfers subject to transfer tax/stamp duty and VAT where more than 50% of a company's assets consist of real property situated in Spain and, as a result of the transfer, the acquired obtains full ownership of these assets or obtains control over the company10
Sweden No stamp duty on share transfers.
UK Stamp Duty or Stamp Duty Reserve Tax is charged on transfers of UK shares at 0.5% whether the transfers are made in the UK or elsewhere. There is no charge on transfers of depositary receipts or transfers within clearance services, but in both of these situations there is a single charge of 1.5% on the transfer or issue of shares into the depositary or clearance service.
1 International Bureau of Fiscal Documentation. April 1998.
2 Belgian Ministry of Finance Tax Survey: information correct at 1 January 1997.
3 Share transfer law, as amended (1998).
4 Transfer tax law, 1998.
5 Article 978 of the General Tax Code (stock exchange tax), Article 726 of the General Tax Code (registration tax), 1998.
6 International Bureau of Fiscal Documentation, April 1998.
7 Stamp Act 1891, as amended (1998).
8 Stock exchange transfer tax law (1998).
9 Finance ministry communiqué 23/1/98.
10 Transfer tax law (1998).

Mr. Whittingdale

To ask the Chancellor of the Exchequer what assessment he has made of the impact of stamp duty on share transactions on the volume of shares traded in(a) London and (b) Frankfurt. [62278]

Ms Hewitt

[holding answer 3 December 1998]: Stamp duty is only one of a range of factors that may affect the volume of share transactions and, like all taxes, is kept under review.

Back to