No diapers for me tonite, thank god!! Yes, it's FTT for equities and some equity derivatives, just to make sure that people don't exploit loopholes. France and Italy also have something in place to tax HFT. The much broader FTT which the Europeans have been sorta contemplating since the crisis is still possible, despite it being a monumentally stupid idea. However, it has advocates in all sorts of high places. Incidentally, the UK was one of the countries opposing it vigorously.
Looks hypocritical for UK to oppose since UK has the highest FTT in the world. 0.5% stamp fee. Want to oppose, scrap your 0.5% stamp fee.
Again, the stamp duty in the UK has a limited scope. The European FTT proposals sought to impose a much wider FTT which would apply to all transactions (attempted in Sweden previously). The UK opposed that.
%% Good correction,sle; +USa is not FRANCE, even close LOL. NOT a prediction even in the super HI regulated commercial banks, you can sign a statement saying you or anyone,not to subject to withholding tax.As always check with a CPA; tax law changes, looks like everyone in USa may get a tax cut, even NY + CA, heavy tax states?? TN, TX ,Silver State..... has NO state income tax
Apart from it being only on stock transactions, intermediaries are exempt. Therefore, "over 70% of transactions are exempt from tax". In contrast, the European proposals were looking to tax transactions in all instruments performed by all participants.
what is your point? are you an intermediary or will you not be affected because you are not retail or don't trade much in stocks?
My point had been that the UK stamp duty is irrelevant to this discussion. The FTT that has been mentioned in the original post is a very different idea and is what the UK has been fighting. And no, stock stamp duty doesn't matter and doesn't apply to me.