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Stamp duty on stocks?

Hotgirl69
Posts: 7 Forumite
So I gather theres 0.5% stamp duty on stocks on the London Stock Exchange. But if I trade shares on a foreign stock exchange, i.e. New York stock exchange, is there stamp duty?
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Comments
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Varies from country to country. If you invest in the US, they will take 15% of your dividends, you will also pay about 2% on the GBP-USD conversion.
On top of the 0.5% you would pay dealing costs as well, typically around 1%, you would probably find these are higher in overseas markets.0 -
I don't think you are correct, thx for the try though.0
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Not sure of the logic behind the question but.................
There are some stocks traded on the LSE which do not attract Stamp Duty. In order to qualify for this the share register must not in any way be logged / recorded in the UK. As an example, some shares which this applies to are:- Centamin (CEY)
- Yamana Gold (YAU)
- Mercator Gold (MRC)
Trading on foreign exchanges varies but I know SelfTrade allow you to deal on NYSE and you only pay the normal dealing charges - £12.50. I'm sure their exchange rate is tilted slightly in their favour but that goes with the territory.
Stocks listed on the Irish exchange incur Stamp Duty of 1%.
cloud_dogPersonal Responsibility - Sad but True
Sometimes.... I am like a dog with a bone0 -
I don't think you are correct, thx for the try though.
Don't think this is a very helpful response.
If you think otherwise, please explain.
Most countries do not have stamp duty, but the other costs, principally FOREX, will far exceed the UK's relatively insignificant 0.5% stamp duty.0 -
If you invest in the US, they will take 15% of your dividends, you will also pay about 2% on the GBP-USD conversion.
On top of the 0.5% you would pay dealing costs as well, typically around 1%, you would probably find these are higher in overseas markets.
2% on conversion, thats stamp duty x4... Its common sense this is incorrect.0 -
Has meester met his match?
Login tomorrow to find out in the next episode.............
:rotfl:
meester, have to point out that you were.............................. wrong :shhh:
SelfTrade only charge £12.50 flat fee on NYSE, and I'm sure others are similar.
cloud_dogPersonal Responsibility - Sad but True
Sometimes.... I am like a dog with a bone0 -
Also, if you complete the W-8BEN you wont iuncur any additional income taxation from the US:
"What is the W-8BEN?
By completing this form, UK investors can claim exemption from paying US tax on dividends and interest from shares traded in the US, as such income will already fall under UK income tax rules."
cloud_dogPersonal Responsibility - Sad but True
Sometimes.... I am like a dog with a bone0 -
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mr_fishbulb wrote: »They still do a conversion on £s to $s - you probably lose out a bit on that.Personal Responsibility - Sad but True
Sometimes.... I am like a dog with a bone0
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