LSE chief to call for Brown to remove duty on share deals

Gordon
Brown
will be urged by the chief executive of the
London Stock Exchange to
cancel stamp duty on share purchases, because the move will end up increasing
the Exchequer’s tax revenue. 

The recommendation from the powerhouse exchange, led by
Clara
Furse
, is set to be made in a document to be submitted to the chancellor
ahead of his pre-Budget report.

It is believed that the issue of stamp duty will be a prominent feature of
the LSE study, in a bid to sway the chancellor’s before the PBR, expected at the
end of the month or the early part of December.

The financial institution believed that scrapping the 200-year-old levy would
fuel the economy, as the 0.5% tax on the purchase price of a share has been seen
as a barrier to equity dealing by the bulk of those involved in the
transactions.

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