The Office of Tax Simplification is currently undertaking a review of Stamp Duty. Stamp Duty is paid on share transactions, although there are numerous exceptions and ways to avoid paying it. Although this review seems to be primarily focussed on technical aspects and how to remove paper processes (still needed for off-market transfers for example), ShareSoc argues that the tax should be scrapped altogether.
Our full submission to the review can be read here: https://www.sharesoc.org/Stamp-Duty-Review-2016-12-24A.pdf.
This is a simple example of the work ShareSoc does to represent retail investors.
Roger Lawson 24/12/2016
What about a lower rate of Stamp Duty that was also payable on CFDs (eg 0.25%) Levelling the playing field between CFD trading and share trading.
Looks like the OTS would like a meeting to discuss, so we might mention that then. Although clearly it would be preferable to remove stamp duty on all transactions to “equalise” matters.
Roger Lawson
Also ISAs and pensions are advertised as being tax-free, so it’s anomalous that stamp duty is still levied on them.