The Quoted Companies Alliance, which represents listed companies outside the FTSE-350, has launched a campaign to abolish stamp duty on share transactions in companies listed on the small cap Alternative Investment Market.
The QCA is campaigning on the grounds that stamp duties on AIM transactions total just £25m of the £3bn collected annually by the Treasury and believes that cutting out the tax would lead to ‘increased liquidity, productivity, company profitability and employment’.
John Pierce, chief executive of the QCA, said: ‘Stamp Duty on AIM transactions is a tough levy on a sector of our economy already over burdened with regulation and threatened with the EU Prospectus Directive. We should be encouraging investment in its future for the benefit of the economy as a whole.’
The QCA’s campaing wil put more pressure on the government, already under fire from the CBI and trade unions over excessive red-tape, currently seen as a major hindrance to entrepeneurship in the UK.
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