German stock-exchange says FTT must not hit private investors
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A German stock-exchange says changes must be made to the proposed financial transaction tax in a bid to prevent “clear disadvantages for securities trading in both Germany and Europe”.
Boerse Stuttgart says private investors must be exempted from the FTT as they were not the cause of the financial crisis and their investments have already been taxed.
Boerse Stuttgart chief executive Christophe Lammersdorf says: “Double taxation of private investors must be avoided at any cost.”
Speaking as part of this week’s autumn statement, Chancellor George Osborne warned a FTT would hit individual savers rather than banks.
The IMA has led industry concerns that such a tax would hit those saving in pensions and other investments.
Boerse Stuttgart says the introduction of an FTT in the eurozone alone would not be conducive to achieving its goals. It also says the tax should not be allowed to negatively impact on companies trying to raise capital.
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