BusinessCompany NewsBrown to boost London’s fund trading in PBR

Brown to boost London's fund trading in PBR

Reports suggest that Brown will scrap 0.5% stamp duty on non-resident exchange traded funds

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.

Further reading:

Treasury faces tax rewrite as European
challenges mount

Tax rises on flights in PBR

Brown to hit gas guzzlers in PBR

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