Investors hit by stamp duty

INVESTORS in Irish shares bear the brunt of the State’s annual 1.2 billion stamp duty haul, paying 28.75% of the duty compared to 22% paid by property purchasers.

The Department of Finance yesterday published the papers of the Tax Strategy Group (STG), an interdepartmental committee comprising senior officials and advisors from the Departments of Finance, Taoiseach, Enterprise Trade and Employment, Social Community and Family Affairs and the Revenue Commissioners.

The group says stamp duty is a significant source of revenue, raising €1.2bn in 2001. The transfer of all Irish registered company shares is subject to stamp duty of 1%.