‘No real risk’ of lost revenue over CFD duty move

THE Revenue Commissioners have admitted that there was no real threat of lost revenue over the Government’s decision to reject their recommendation to impose stamp duty on a type of share dealing known as contracts for difference.

The Revenue acknowledged yesterday that trading in contracts for difference (CFDs) would have probably moved offshore if the Government had accepted its view that tax should apply to such transactions.

CFDs are an arrangement which allow people to buy an interest in whether the price of shares goes up or down without actually buying the shares.