Brokers to meet Revenue on stamp duty

24/03/2006 - 14:46:33
Stockbrokers are concerned that a recent decision by the Revenue on the amount of stamp duty major investors should pay could result in less investment in Irish shares. They are to meet Revenue on Monday to discuss the situation.

In Ireland, when people buy shares they have to pay 1% stamp duty. In Britain the rate is 0.5%, while it is zero in most other markets. For many years the Irish stockbrokers have felt the situation was unfair.

But major foreign investors believed they did not have to pay the tax on Irish shares if the stock was held on their behalf by brokers in Dublin. Now Revenue has clarified the position, saying investors have to pay the tax on these transactions which are called contracts for difference.