An attorney, transaction lawyer, or in-house counsel asks about stamp duty on documents, securities transfers, or financial transactions.
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Skill coverage — included
Stamp duty on securities (shares, bonds, partnership interests); Stamp duty on instruments (loan agreements, mortgages, leases — to the extent not in property transfer skill); Financial transaction taxes (FTT) — France, Italy, Spain, OTC + listed; Documentary stamp taxes — US state-level documentary stamp taxes, Philippines DST, India state stamp duty; Bank levies and securities account taxes (Belgium TCT, illustrative)Section 1 — Scope statement
Skill coverage — excluded
Real estate transfer tax / stamp duty on property — see property-transfer-tax-matrix.md; VAT/GST on financial services — see country VAT skills; Inheritance/gift documentary tax — see inheritance-estate-gift-matrix.md; Customs duty — see customs/duties skillsSection 1 — Scope statement
[T1] Rate
0.5% of consideration for the transfer of chargeable securitiesFA 1986 Part IV
Chargeable securities
UK-incorporated company shares (and similar), some loan notes, units in unit trustss.99 FA 1986
Trigger
Agreement to transfer (regardless of whether share register is updated) settled through the CREST system → SDRT applied automatically; for off-CREST, payable via Stock Transfer Form + HMRC stampingFA 1986 Part IV
[T1] Rate
0.5% of consideration; minimum stamp GBP 5. Applies when transfer effected by paper instrument (Stock Transfer Form)
This file is a content skill that loads on top of cross-border-workflow-base. It covers stamp duties on documents, securities transfers, and the parallel financial transaction tax (FTT) regimes that economically resemble stamp duty.
Tax year coverage. Current for calendar 2025, reflecting:
The reviewer is the customer of this output. Stamp duty assessments depend on precise document characterisation and jurisdiction. Every output must be reviewed by a credentialed local practitioner before any document is executed.
Three pillars — Italy FTT (Decreto Legge 24 aprile 2012 n.16)
| Pillar | Rate | Base |
|---|---|---|
| Tobin tax (cash equities) | 0.2% (regulated market) / 0.22% (OTC) | Net daily balance per ISIN per intermediary; Italian-resident issuer share value > EUR 500m cap |
| Derivatives | EUR 0.01875 to EUR 200 per contract (sliding scale by notional value) | Derivatives on FTT-in-scope underlyings |
| High frequency trading | 0.02% on cancelled / modified orders | Orders cancelled within 0.5 seconds, > 60% modify-cancel ratio |
Three components — France FTT (CGI Articles 235 ter ZD - ZE)
| Component | Rate | Base |
|---|---|---|
| Tax on equity acquisitions | 0.3% | Acquisitions of French-listed shares of EUR 1bn+ market cap issuers |
| Tax on HFT cancellations | 0.01% | Orders modified or cancelled within 0.5 seconds |
| Tax on sovereign CDS | 0.01% | Naked sovereign credit default swap purchases |
Other European stamp / FTT (Section 6 — Other European stamp / FTT)
| Country | Mechanism | Rate |
|---|---|---|
| Ireland | Stamp duty on share transfers | 1% on Irish shares (FA 1999 Sch 1) |
| Ireland | Stamp duty on residential property | 1% / 2% / 10% (see property skill) |
| Switzerland | Stamp duties on securities (Umsatzabgabe) | 0.15% Swiss securities / 0.30% non-Swiss (per dealer) |
| Switzerland | Issuance stamp duty (Emissionsabgabe) | 1% above CHF 1m on equity issuance (planned abolition); 0.06%-0.12% on certain debt |
| Liechtenstein | Mirrors Swiss stamps for shares | Same Swiss rates |
| Luxembourg | Registration duty on certain documents | Variable; capital duty long abolished |
| Belgium | Securities Transactions Tax (TOB) | 0.12% / 0.35% / 1.32% by category |
| Belgium | Securities Account Tax (TCT) | 0.15% above EUR 1m per account |
| Greece | Stamp duty on certain agreements | 2.4% or 3.6% |
| Cyprus | Stamp duty on transactions of capital value > EUR 5,000 | 0.15% on EUR 5,001 - 170,000; 0.20% above |
| Malta | Stamp duty on share transfers | 2% (5% if real-estate-rich entity) |
| Portugal | Imposto do Selo on financial transactions, leases, loans, insurance, guarantees | 0.04%-25% by category |
| Norway | Document duty (real-property only) | 2.5% (see property skill) |
| Sweden, Finland, Denmark | No stamp duty on shares / FTT |
Asia-Pacific stamp / FTT (Section 7 — Asia-Pacific)
| Country | Mechanism | Rate |
|---|---|---|
| Hong Kong | Stamp duty on share transfers | 0.10% buyer + 0.10% seller (reduced from 0.13%, November 2023) |
| Singapore | Stamp duty on share transfers | 0.2% of consideration (BSD subset for share transfers; ACD applies for residential property-rich entities) |
| Singapore — ACD | Additional conveyance duty | Up to 65% on acquisition of significant equity interests in property-rich entities |
| Australia | Stamp duty on share transfers | Abolished federally 2002; state-level mostly abolished for shares but landholder/property-rich rules apply (each state) |
| New Zealand | No stamp duty on shares | n/a |
| India | Indian Stamp Act (federal stamp on securities since 2020; state stamp on instruments) | 0.005% on equity issuance and transfer; 0.015% on equity delivery-based; state-specific for other instruments |
| Japan | Stamp duty on contracts and securities | Document-based (Stamp Tax Law, fixed amounts by document type); no FTT on share transfers |
| South Korea | Securities Transaction Tax | 0.15% to 0.35% by market (reduced from previous 0.43%) |
| China | Securities Transaction Stamp Tax | 0.1% one-sided (sale only since 2008 reform) on A-shares; reduced to 0.05% temporarily in August 2023 |
| Taiwan | Securities Transaction Tax | 0.3% on equities; 0.1% on bonds (mostly exempt) |
| Indonesia | No FTT on shares; small documentary stamp | n/a |
| Thailand | Stamp duty on instruments | Fixed amounts by document type; share transfer 0.1% |
| Philippines | Documentary Stamp Tax (DST) | Wide-ranging, see NIRC §173-201 |
| Malaysia | Stamp duty on share transfers | 0.3% on physical shares; 0% on shares of public listed companies traded on Bursa Malaysia (FA 2023) |
| Vietnam | Securities Transaction Tax | 0.1% on sale |
Americas stamp / FTT (Section 8 — Americas)
| Country | Mechanism | Rate |
|---|---|---|
| United States — Federal | No federal stamp on shares; SEC Section 31 fee (~0.00229%) levied on equity transactions | n/a |
| United States — State | New York stock transfer tax in force but 100% rebate has applied since 1981 (effectively 0% federal-state); Florida documentary stamp on stock = 35 cents per USD 100; other state DSTs by document | Varies |
| Canada | No federal or provincial stamp duty on shares | n/a (subject to LTT in QC for certain documents) |
| Mexico | Impuesto sobre Adquisición de Inmuebles ("ISAI") and Impuesto a la Adquisición de Acciones ("if applicable") | n/a as general FTT — primarily local property |
| Brazil — IOF on securities (IOF/títulos) | Tax on securities transactions | 0% to 1.5% depending on issuer / holding period / instrument; complex matrix |
| Argentina — Impuesto de Sellos | Provincial stamp duty | 0.5%-3% on contracts (mostly real estate, leases, loans) — varies by province |
| Chile — Impuesto de Timbres y Estampillas | Stamp tax on loans and other documents | 0.066% per month (capped at 0.8%) on loan amount |
| Colombia — Impuesto de Timbre | Stamp tax | Specific rates by document; reformed 2022 |
| Peru — Impuesto a las Transacciones Financieras (ITF) | Tax on bank account movements | 0.005% per debit/credit on local bank accounts |
Africa and Middle East stamp / FTT (Section 9 — Africa and Middle East)
| Country | Mechanism | Rate |
|---|---|---|
| South Africa | Securities Transfer Tax (STT) | 0.25% on share transfers and beneficial ownership changes |
| Egypt | Stamp tax on securities transactions | 0.05% per side for tax residents (0.15% on disposal for non-residents) |
| Nigeria | Stamp duty on instruments | 0.075% on share transfer; 1.5% on documentary purchases above NGN 10k |
| Kenya | Stamp duty on shares | 1% on transfer; 0% on listed transfers since 2006 |
| UAE | No general stamp duty | n/a (sector-specific fees apply) |
| Saudi Arabia | No general stamp duty | n/a (5% real estate transaction tax separately) |
| Bahrain | No stamp duty | n/a |
| Qatar | No stamp duty | n/a |
| Israel | Stamp duty abolished 2006 | n/a |
A UK private equity fund acquires GBP 50m of shares in a UK-incorporated AIM-listed company via CREST.
A French institutional buyer purchases EUR 10m of shares in Generali (Italy-listed, > EUR 500m market cap).
HKD 100m share transfer in a Hong Kong-incorporated private company.
Foreign investor acquires 100% of a Singapore Pte Ltd whose >50% of total tangible assets is Singapore residential property.
The reviewer brief must include:
This skill and its outputs are provided for informational and computational purposes only and do not constitute tax, legal, or financial advice. Stamp duty depends on precise document characterisation and is jurisdiction-specific. Every output must be reviewed and signed off by a credentialed local practitioner before any document is executed.
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Other GLOBAL computations in the OpenAccountants Tax Library.
[T1] 1.5% charge
1.5% SDRT (or stamp duty) on issuance to: a "depositary receipt issuer" (most commonly the bank issuing ADRs); a "clearance service" (e.g., DTC for US investors)FA 1986 ss.67-70 / s.93
HMRC post-CJEU HSBC ruling position
Confirmed by HMRC post-2009 CJEU HSBC ruling: the 1.5% on issuance is not generally enforced for EU/EEA destinations (CJEU C-569/07); however, HMRC's position post-Brexit and current administrative practice (FA 2024 amendments) treats issuance into Crest as not subject to 1.5%; complex issue requires specialist reviewCJEU C-569/07; FA 2024 amendments
Intra-group relief
0% for transfers within 75%+ groups.42 FA 1930 / Sch 19 FA 1999
Demergers and reconstructions
Exemptss.75-77 FA 1986
Loan capital (corporate debt)
Most non-convertible debt exemptSection 2.4 — Exemptions
Shares listed on a recognised growth market
0% SDRT since 2014 for shares listed on a "recognised growth market" (AIM, AQSE Growth, certain SME markets)Section 2.4 — Exemptions
Filing mechanics
CREST: automatic. Off-CREST: file STF with HMRC within 30 days of execution; instrument stampedSection 2.5 — Filing
Three pillars — Italy FTT
| Pillar | Rate | Base | |---|---|---| | **Tobin tax (cash equities)** | 0.2% (regulated market) / 0.22% (OTC) | Net daily balance per ISIN per intermediary; Italian-resident issuer share value > EUR 500m cap | | **Derivatives** | EUR 0.01875 to EUR 200 per contract (sliding scale by notional value) | Derivatives on FTT-in-scope underlyings | | **High frequency trading** | 0.02% on cancelled / modified orders | Orders cancelled within 0.5 seconds, > 60% modify-cancel ratio |Decreto Legge 24 aprile 2012 n.16
In-scope securities
Shares of Italian companies with EUR > 500m market cap; securitised products (ETF) on Italian shares; derivatives referencing Italian sharesSection 3.2 — In-scope securities
Exemptions
Market making activities; pension funds and EU-equivalent retirement vehicles; sovereign wealth funds / central banks; ETF creation / redemption (in-kind); inheritance and gift transfersSection 3.3 — Exemptions
Filing mechanics
Italian intermediary acts as withholding agent; monthly remittance Model F24; annual reporting to Agenzia delle EntrateSection 3.4 — Filing
Three components — France FTT
| Component | Rate | Base | |---|---|---| | Tax on equity acquisitions | **0.3%** | Acquisitions of French-listed shares of EUR 1bn+ market cap issuers | | Tax on HFT cancellations | 0.01% | Orders modified or cancelled within 0.5 seconds | | Tax on sovereign CDS | 0.01% | Naked sovereign credit default swap purchases |CGI Articles 235 ter ZD - ZE
Scope
French-incorporated companies listed on regulated EU market with market cap > EUR 1bn on 1 December prior year; maintained list published annually by Ministry of Finance (~140 issuers)Section 4.2 — Scope
Exemptions
Primary market issuances; liquidity provision / market making; intra-group transfers; acquisitions by employee schemesSection 4.3 — Exemptions
Filing mechanics
Withheld by accountable person (Euroclear France or intermediary); returned via Form 3375 monthlySection 4.4 — Filing
[T1] Rate
0.2%Ley 5/2020
Scope
Acquisitions of Spanish-listed shares of EUR 1bn+ market cap issuers (annually published list)Ley 5/2020
Liable party
The financial intermediaryLey 5/2020
Exclusions
Primary market issuance, intra-group transfers, market makingLey 5/2020
Filing mechanics
Monthly Form 604Section 5.2 — Filing
Other European stamp / FTT
| Country | Mechanism | Rate | |---|---|---| | **Ireland** | Stamp duty on share transfers | 1% on Irish shares (FA 1999 Sch 1) | | **Ireland** | Stamp duty on residential property | 1% / 2% / 10% (see property skill) | | **Switzerland** | Stamp duties on securities (Umsatzabgabe) | 0.15% Swiss securities / 0.30% non-Swiss (per dealer) | | **Switzerland** | Issuance stamp duty (Emissionsabgabe) | 1% above CHF 1m on equity issuance (planned abolition); 0.06%-0.12% on certain debt | | **Liechtenstein** | Mirrors Swiss stamps for shares | Same Swiss rates | | **Luxembourg** | Registration duty on certain documents | Variable; capital duty long abolished | | **Belgium** | Securities Transactions Tax (TOB) | 0.12% / 0.35% / 1.32% by category | | **Belgium** | Securities Account Tax (TCT) | 0.15% above EUR 1m per account | | **Greece** | Stamp duty on certain agreements | 2.4% or 3.6% | | **Cyprus** | Stamp duty on transactions of capital value > EUR 5,000 | 0.15% on EUR 5,001 - 170,000; 0.20% above | | **Malta** | Stamp duty on share transfers | 2% (5% if real-estate-rich entity) | | **Portugal** | Imposto do Selo on financial transactions, leases, loans, insurance, guarantees | 0.04%-25% by category | | **Norway** | Document duty (real-property only) | 2.5% (see property skill) | | **Sweden, Finland, Denmark** | No stamp duty on shares / FTT |Section 6 — Other European stamp / FTT
Asia-Pacific stamp / FTT
| Country | Mechanism | Rate | |---|---|---| | **Hong Kong** | Stamp duty on share transfers | 0.10% buyer + 0.10% seller (reduced from 0.13%, November 2023) | | **Singapore** | Stamp duty on share transfers | 0.2% of consideration (BSD subset for share transfers; ACD applies for residential property-rich entities) | | **Singapore — ACD** | Additional conveyance duty | Up to 65% on acquisition of significant equity interests in property-rich entities | | **Australia** | Stamp duty on share transfers | Abolished federally 2002; state-level mostly abolished for shares but landholder/property-rich rules apply (each state) | | **New Zealand** | No stamp duty on shares | n/a | | **India** | Indian Stamp Act (federal stamp on securities since 2020; state stamp on instruments) | 0.005% on equity issuance and transfer; 0.015% on equity delivery-based; state-specific for other instruments | | **Japan** | Stamp duty on contracts and securities | Document-based (Stamp Tax Law, fixed amounts by document type); no FTT on share transfers | | **South Korea** | Securities Transaction Tax | 0.15% to 0.35% by market (reduced from previous 0.43%) | | **China** | Securities Transaction Stamp Tax | 0.1% one-sided (sale only since 2008 reform) on A-shares; reduced to 0.05% temporarily in August 2023 | | **Taiwan** | Securities Transaction Tax | 0.3% on equities; 0.1% on bonds (mostly exempt) | | **Indonesia** | No FTT on shares; small documentary stamp | n/a | | **Thailand** | Stamp duty on instruments | Fixed amounts by document type; share transfer 0.1% | | **Philippines** | Documentary Stamp Tax (DST) | Wide-ranging, see NIRC §173-201 | | **Malaysia** | Stamp duty on share transfers | 0.3% on physical shares; 0% on shares of public listed companies traded on Bursa Malaysia (FA 2023) | | **Vietnam** | Securities Transaction Tax | 0.1% on sale |Section 7 — Asia-Pacific
Americas stamp / FTT
| Country | Mechanism | Rate | |---|---|---| | **United States — Federal** | No federal stamp on shares; SEC Section 31 fee (~0.00229%) levied on equity transactions | n/a | | **United States — State** | New York stock transfer tax in force but 100% rebate has applied since 1981 (effectively 0% federal-state); Florida documentary stamp on stock = 35 cents per USD 100; other state DSTs by document | Varies | | **Canada** | No federal or provincial stamp duty on shares | n/a (subject to LTT in QC for certain documents) | | **Mexico** | Impuesto sobre Adquisición de Inmuebles ("ISAI") and Impuesto a la Adquisición de Acciones ("if applicable") | n/a as general FTT — primarily local property | | **Brazil — IOF on securities (IOF/títulos)** | Tax on securities transactions | 0% to 1.5% depending on issuer / holding period / instrument; complex matrix | | **Argentina — Impuesto de Sellos** | Provincial stamp duty | 0.5%-3% on contracts (mostly real estate, leases, loans) — varies by province | | **Chile — Impuesto de Timbres y Estampillas** | Stamp tax on loans and other documents | 0.066% per month (capped at 0.8%) on loan amount | | **Colombia — Impuesto de Timbre** | Stamp tax | Specific rates by document; reformed 2022 | | **Peru — Impuesto a las Transacciones Financieras (ITF)** | Tax on bank account movements | 0.005% per debit/credit on local bank accounts |Section 8 — Americas
Africa and Middle East stamp / FTT
| Country | Mechanism | Rate | |---|---|---| | **South Africa** | Securities Transfer Tax (STT) | 0.25% on share transfers and beneficial ownership changes | | **Egypt** | Stamp tax on securities transactions | 0.05% per side for tax residents (0.15% on disposal for non-residents) | | **Nigeria** | Stamp duty on instruments | 0.075% on share transfer; 1.5% on documentary purchases above NGN 10k | | **Kenya** | Stamp duty on shares | 1% on transfer; 0% on listed transfers since 2006 | | **UAE** | No general stamp duty | n/a (sector-specific fees apply) | | **Saudi Arabia** | No general stamp duty | n/a (5% real estate transaction tax separately) | | **Bahrain** | No stamp duty | n/a | | **Qatar** | No stamp duty | n/a | | **Israel** | Stamp duty abolished 2006 | n/a |Section 9 — Africa and Middle East
Prohibitions list
- **Do not** apply the old 0.13% Hong Kong stamp duty rate to transactions executed after November 2023 — the rate is 0.10% per side. - **Do not** assume UK intra-group relief applies without confirming 75% common beneficial ownership AND the relief application has been correctly notified. - **Do not** advise that AIM-listed shares are exempt without confirming the listing is on a HMRC-recognised growth market. - **Do not** ignore Italian / French / Spanish FTT for non-resident purchasers — the tax is at the security level, not the purchaser's residence. - **Do not** apply property-rich entity rules (Singapore ACD, Australian landholder duty) without confirming the threshold (typically 50% of tangible assets) and qualifying equity interest tests.Section 13 — Prohibitions
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