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.