Stamp Duty on offshore comp share transfer
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ervin
Apprentice
Joined: 08 Jul 2006
Posts: 3
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 Posted: 08/26/08 - 09:24 Post subject: |
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| Hi there! I’m Dave and I am a manager of one private company. We have a business partner on Seychelles with whom we’re doing some business. Unfortunately, he is not able to pay off some debts to us, so he offered us some of his shares. When calculating pro’s and con’s, I included all of the taxes which would have to be paid. However, I’m not sure whether there’s Stamp Duty on offshore comp share transfer because, as you may know, Seychelles are an off shore zone. Thank you in advance. |
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porter
Apprentice
Joined: 12 Apr 2007
Posts: 4
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| Posted: 09/25/08 - 01:00 Post subject: |
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| Dear Dave, speaking in general, when selling shares you are eligible for Capital Gains Tax and when buying them you are eligible for Stamp Duty Reserve Tax, or SDRT. It is applied to all paperless transactions which are done electronically. Its flat rate is 0.5%. This flat rate applies to the amount that you pay for the shares, not to the shares’ worth. In your case, however, you are transferring the shares from another country. In this case, you don’t have to pay any Stamp Duty. But, you may want to check the regulations of the other country, because it may happen that you are eligible for some of their taxes. I hope I was of some help to you. All the best! |
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