iShares and foreign tax

I'm a newbie to investing (so be kind), and have been looking into iShares.

Their literature says "Investors will not normally pay stamp duty when trading iShares but, as with other investments, there may be stamp duty on the underlying securities if these are UK shares."

OK, colour me stupid. Under what circumstances will you pay stamp duty? I was under the vague impression that iShares were based in Ireland and exempt from stamp duty.

It also says "iShares will pay no tax on gains arising from the underlying shares held, though it may pay some tax on income from the shares depending on the country of the companies concerned."

Does this mean that if you buy into the iShares S&P500, iShares take care of all the US tax issues? Or does it mean that you have to account on your return for the levied foreign tax when tax time comes round?

Reply to
Tom Walls
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