WMA urges extension on stamp duty exemption

Field-Liz-2011-700x450.jpgThe Wealth Management Association has welcomed the Government’s decision announced in today’s Autumn Statement to review stamp duty on share transactions.

The WMA has been lobbying for a review in this area as well as in tax simplification for investors.

The Government said: “The government welcomes and has responded to the reviews the Office for Tax Simplification has published this autumn, including on the alignment of income tax and the National Insurance contributions.

“The government has now asked the OTS to carry out reviews on aspects of the VAT system and on Stamp Duty on share transactions.”

In April 2014 the Government abolished stamp duty on shares listed on UK growth markets such as the Aim.

But the WMA says the Government “could go further” and extend this exemption to all UK registered shares to help encourage more people to invest and save.

WMA chief executive Liz Field says: “We greet today’s stamp duty review with much enthusiasm.

“It is vital to protect the interests of investors and the investment industry in the UK and removal of this tax would grow the UK’s competitive advantage and increase trading and liquidity.

“We have already submitted several technical suggestions to bring about tax simplification and look forward to working with the Office of Tax Simplification on this key area.”