HL Deb 16 November 1992 vol 540 c37WA
Lord Kennet

asked Her Majesty's Government:

Whether VAT is levied on transactions in the securities markets.

The Earl of Caithness

The issue, transfer or receipt of, or any dealing with, any security or secondary security is exempt from VAT. The making of arrangements for, or the underwriting of, any such transaction is also exempt from VAT.