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Stamp duty of 0.5% is currently levied on share purchases in the UK – the highest rate of share transaction tax in any of the major European countries. In the 1999/00 tax year, the Chancellor raised almost £4 billion from this tax. The Government is urging individuals to take control of their financial future. Here at the Motley Fool, we've been doing that ever since we hit these fair shores, back in September 1997. The state pension, standing at the princely sum of just £66.75 per week, is simply not enough to provide most people with a decent standard of living once they leave the workforce. The best way to save for your financial future is by investing in the stock market. But every time you invest in the stock market, whether it be via direct share purchase, unit trusts -- including index tracking funds -- or investment trusts, the Government slaps what is effectively a 0.5% tax on your purchases. The Government is effectively saying "Pay your own way when you retire, because we can't afford to do it. And as our way of thanking you for helping us out, we're going to charge you a 0.5% tax on your after-tax earnings." Yeah --thanks a million! The Internet has made everything cheaper and easier for the private investor. It has helped introduce more and more people to the potential returns to be made from the stock market. Stockbroking charges have been slashed to as low as £10, no matter how big or small the trade. But there's one notable exception. STAMP DUTY. On a trade of £1,000, stamp duty is £5 and broking commission is as low as £10. Stamp duty is no longer a hidden cost! Abolish Stamp Duty For The Private Investor As the 2001 budget approaches (scheduled for March 7th), the Motley Fool again is supporting the Stamp Out Stamp Duty campaign. We believe it should be abolished, being as it is inherently contradictory with the Government's aim of all individuals providing for their own financial future. Reality, however, says that stamp duty won't be completely abolished this year. But the government can at least take a big step in the right direction by effectively changing the charging structure for private investors. The French model is a great compromise. All trades below about £5,000 are exempt from stamp duty. That limit should cover by far the majority of private investor trades. As a first step, on March 7th 2001, we urge the Chancellor to make this change. He won't regret it! E-Petition The Stamp Out Stamp Duty website is again running an e-petition. We encourage you to join the campaign. We expect this to be the first official e-petition to be recorded on the Prime Minister's 10 Downing Street website. Where Next?