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A tax levied on non-exempt participants in a certain type of transaction, such as the sale or purchase of property, or the purchase of equities. Often intermediaries such as broker dealers are exempt.
- Stamp duty reserve tax, HMRC’s own stamp duty on UK shares, which is most germane to high delta equity derivatives.
- Financial transaction tax — rather like a stamp duty, only different. Popular with the Italians and French.
- Equity give-ups — where structuring a synthetic equity transaction so that a stampable transaction does not arise, is the name of the game.