Ed Balls lightens financial markets’ tax system

The government is looking to ease the administrative burden for share
transaction tax breaks, in a bid to open up the markets.

Economic secretary to the Treasury Ed Balls announced plans to cut the
reporting of share transactions to the market or intermediaries to benefit from
stamp duty tax relief.

The move is expected to remove obstacles to competition and expand choice in
trading financial instruments in the UK.

The announcement was made during a meeting between Balls and EC internal
market commissioner Charlie McCreevy and European competition commissioner
Neelie Kroes.

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