Revenue withdraws stamp duty notices

THE Revenue Commissioners has withdrawn its compliance notices, published in the CRST operational bulletin on St Patrick’s Day, regarding the call for stamp duty to be applicable to stockbroking companies trading in contracts for difference (CFD) derivatives.

Revenue made the statement yesterday following Finance Minister Brian Cowen’s announcement on Thursday that he plans to review the law relating to stamp duty on share transactions.

Currently, the 1% stamp duty level is not applicable to CFDs, which are favoured by hedge fund companies and are a growing earner for stockbroking companies and the Irish Stock Exchange.