Stamp duty on non-resident exchange traded funds will be scrapped following
an announcement in the pre-Budget report.
Reports suggest that chancellor Gordon Brown will say
that the stamp duty will be scrapped to bring Britain’s treatment of the funds
in line with Europe and the US, where the funds are widely traded.
The move was welcomed in the City, according to the FT, where
investment houses said that the move would boost the London’s market.
The current levy is 0.5% on fund trades.
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The firm says that the U-turn 'does not alter the need for a fundamental review of the way we tax work' and that the current tax system is in need of reform
Legislation on the NICs changes to be brought forward in the autumn following publication of 'the full effects of the changes to Class 2 and Class 4' in the summer