Pre-Budget Report: Stamp Duties

There is nothing on stamp duty land tax other than increased disclosure requirements for certain planning schemes.

In the context of Stamp Duty, the European Court of Justice held in the HSBC case that the 1.5% charge to stamp duty reserve tax (SDRT) when new securities are issued into an EU clearance scheme or a depositary receipt, was unlawful under EU law. This entry charge was in place of levying the 0.5% charge when the securities are transferred. As a result of the ruling, transfers of securities in these arrangements will become liable to the 0.5% transfer charge.

Comment: There is no sign of the stamp duty charges on shares disappearing despite claims that it harms the City’s competitiveness.