Abolish Stamp Duty Tax or reduce it to 0.05%
In a short, 4-page response, to the HMRC Consultation, we re-emphasised the points we made in our 2020 consultation response. Our key points were:
This consultation is fundamentally flawed. It does not discuss the rate of taxation on UK shares, which is currently 0.5% and is hugely uncompetitive with the US, which is the largest securities market in the world.
Our analysis is that:
The original rationale for stamp duty (cost of wax seal ...