Irish equities to be exempted of Stamp Duty - correction
The Irish Government has proposed the exemption from Stamp Duty for companies listed on the Enterprise Securities Market (ESM)1 of the Irish Stock Exchange (ISE).
Following this decision by the Irish Government, the ISE and NASDAQ OMX (NASDAQ:NDAQ) have announced their intention to bring dual ISE/U.S. market access to Irish companies, enabling them to raise capital more easily on both sides of the Atlantic.
The 2013 Finance Bill, published on 24 October 2013, includes a change in section 66 of the 1999 Stamp Duties Consolidation Act.
The proposed change, reflected in a new section, 86A, would provide for the removal of the Stamp Duty charge (currently 1%) on transfers of shares in companies listed on the ESM.
This measure is, however, subject to approval and to a commencement order.
Once approved and with the date of commencement confirmed, customers trading in the ESM will benefit from the exemption from Stamp Duty on their on-exchange and over-the-counter (OTC) transactions.
We continue to monitor the situation and will provide additional information when it is publicly available.
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