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Treasury

To ask Mr 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. - (Holding answer 3 December 1998).

Asked by

John Whittingdale (Conservative)

Answering body

Treasury

Type

Written questions

Status

Answered

Date

16 December 1998

Reference

62278; 322 c565W

House

House of Commons

Treasury

To ask Mr 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. - Includes table. (Holding answer 3 December 1998).

Asked by

John Whittingdale (Conservative)

Answering body

Treasury

Type

Written questions

Status

Answered

Tabled on

30 November 1998

For answer on

16 December 1998

Answered on

16 December 1998

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 Austria Stock exchange turnover tax at 0.15% or 2.5% depending on the type of company{1} Belgium Stock exchange turnover tax--normal rate 0.17%{2} Denmark Share transfer tax at 0.5%{3} Finland Share transfer tax (only for non-Stock Exchange deals) at 1.6%{4} France Stock exchange turnover tax at 0.3% on the fraction of each transaction under or equalling FF1m and at 0.15% on each fraction exceeding FF1m. An allowance of FF150 is applied to the tax due on each transaction and the tax due on each transaction may not exceed FF4,000. In addition registration duty at 4.8% on the sale of partnership shares in limited liability companies. The rate is 1% for founders' shares in corporations, subject to maximum tax of FF20,000 and exemption if there is no deed of transfer{5} Germany No stamp duty on share transfers. Greece Stock exchange transfer tax at 0.3%{6} Ireland Stamp duty on share transfers at 1%{7} Italy Stock exchange turnover tax at 0.14%{8} Luxembourg No stamp duty on share transfers. Netherlands No stamp duty on share transfers. Portungal Stamp duty is levied on the transfer of shares at 4% on commission{9} 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 company{10} 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 communique 23/1/98. {10} Transfer tax law (1998).

Date

16 December 1998

Reference

62277; 322 c564-5W;322 c617W

House

House of Commons

Treasury

To ask Mr Chancellor of the Exchequer, what was the total amount raised in stamp duty on share transactions in each of the last five years. - Includes table. (Holding answer 3 December 1998).

Asked by

John Whittingdale (Conservative)

Answering body

Treasury

Type

Written questions

Status

Answered

Date

8 December 1998

Reference

62276; 322 c138W

House

House of Commons

Treasury

To ask Mr Chancellor of the Exchequer, what estimate he has made of the total cost to pension funds of the recoup of tax credits by the Inland Revenue paid in relation to share buybacks between September 1994 and October 1996. - (Holding answer 10 November 1998).

Asked by

John Whittingdale (Conservative)

Answering body

Treasury

Type

Written questions

Status

Answered

Date

12 November 1998

Reference

59272; 319 c301W

House

House of Commons

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