Funds and finance: duty bound

Article Abstract:

There is a campaign to abolish the tax on dealing in stocks in Britain, and the London Stock Exchange has submitted research on the impact of the tax to the chancellor, Gordon Brown. The research suggests that investors may be pushed toward investments such as non-UK stocks which are not affected by the tax. Abolition of the tax would not necessarily lower government revenue, since income tax and corporation tax revenue may increase, and there would be a single increase in capital gains tax. Trading volumes would also rise, and spreads could fall.

Stock-exchange, Stock exchanges

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Why investors should mind the US gap: The fate of equities this year will depend in large part on investors' willingness to finance the huge deficit in US balance of payments

Article Abstract:

The US current account deficit is expected to get even larger in 1999, possibly above $300 billion. The US would need to attract over $300 billion worth of overseas investment, but if capital inflow is not forthcoming, short term interest rates need to rise, or share and bond prices must fall, or the dollar must fall. There has been a close link between the dollar and share prices, so equities might fall if the dollar falls.

Analysis, Management, Balance of payments, Securities

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Stamp out stamp duty

Article Abstract:

The case for reform of British stamp duty on stocks is examined in detail, and the duty is seen as likely to be reformed. Ways that investors can avoid this duty are also explained.

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