Stamp duty on shares breaks EU law

Article reports that a cornerstone of the United Kingdom's stamp duty regime on shares was thrown into jeopardy on the 1 October 2009 after the European Court of Justice said it breached European Union law. The ruling is expected to trigger big refund claims by multinationals against the HM Treasury.

ESO: Background information: Treasury faces big tax refund pay-out http://www.europeansources.info/record/treasury-faces-big-tax-refund-pay-out/

EurActiv, 2.10.09: UK to refund HSBC taxes after EU ruling http://www.euractiv.com/en/financial-services/uk-refund-hsbc-taxes-eu-ruling/article-186022

ECJ: C-569/07 HSBC Holdings and Vidacos Nominees v The Commissioners of Her Majesty’s Revenue & Customs http://eur-lex.europa.eu/LexUriServ/LexUriServ.do?uri=CELEX:62007J0569:EN:HTML

---