At an economic conference organised by the London Stock Exchange, Digby Jones director-general of the Confederation of British Industry claimed the duty stifled investment and hurt those who invested in pension funds, the FT reported.
Jones comments were echoed by Don Cruickshank, chairman of the LSE who said the Treasury had failed to respond to what he called the ‘harmful effects of stamp duty’ and said its abolition would have a ‘dramatic positive impact’.
The National Association of Pension Funds claimed that £8,000 was wiped of the value of the average pension fund by stamp duty.
Stamp duty is currently charged at 0.5% of the purchase price of shares in UK companies.
Crowe Clark Whitehill , the top 20 accountancy firm, has announced the promotion of Chris Mould to partner
The latest opinions from Accountancy Age on Making Tax Digital, and outline plans to evolve the UK's corporate governance regime
Five million taxpayers are ow using digital personal tax accounts (PTA) as part of the making tax digital strategy, HMRC said
UK-based non-doms have paid ten times more tax than the average taxpayer, raising concerns over the Brexit impact on non-dom contributions and therefore, the economy