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I am trying to purchase Ireland domiciled etfs listed on LSE such as IWDA via standard charted online trading. The fee that is reflected is stan chart brokerage fee + 0.5% stamp duty, making it 0.75%! However I read that uk government has removed the stamp duty on etfs. Is that true? May I know if anyone has experience buying this via stan chart platform and whether stamp duty is charged? Because an extra 0.5% fee is really alot. Thanks!
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Yes, indeed, see page 17 in this Stock Exchanges stamp duty catalogue:
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Hi Jamie,
You may want to check out hardwarezone forums regarding trading LSE ETFs. From what I gather, SCB does not charge stamp duty on ETFs. This has been reiterated by many users there, but it is relatively more difficult to parse through the info there.
From user Shiny Things:
"It’s not a brokerage fee - it’s a tax imposed by the government of the country where the stock is listed (in this case, the UK). So Stanchart calculates it - but their system isn’t programmed to recognise that the UK exempts ETFs from its stamp duty.
End result: the Stanchart order confirmation displays a stamp duty number, but when the trade actually settles, stamp duty doesn’t get charged."