Treasury urged to end stamp duty on shares
A number of influential lobbying and business groups have called on the Treasury to abolish stamp duty on share transactions.
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.