U.K.'s Labour to Impose Stamp Duty on Bonds and Derivatives
- Financial institutions would lose exemption, pay lower rate
- Party estimates the move would more than double revenue
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Britain’s Labour Party pledged to more than double what the government raises from taxes on financial transactions by extending stamp duty to cover derivatives and bonds, and removing an exemption for trading houses.
The “Robin Hood Tax” would raise an extra 4.7 billion pounds ($6.1 billion) a year, while eliminating “the most destabilizing forms” of high-frequency trading, the opposition party said in a statement. Last year, stamp duty on share transactions raised 3.3 billion pounds.