UK's Wealth Management Association Welcomes The Government Review Of Stamp Duty On Share Transactions

Following today’s last ever Autumn Statement, the Wealth Management Association (WMA) welcomed the Chancellor’s announcement of a Government review of Stamp Duty on share transactions.

WMA is the leading industry body for the private client investment community whose members look after over £760 billion of individuals’ investments in the UK.  WMA has been a long standing and leading campaigner for review in this area and tax simplification in general.

In April 2014 the Government abolished stamp duty on shares listed on UK growth markets such as AIM.  This was a positive start but WMA believe the Government could go further by extending this exemption to all UK registered shares to help encourage more people to invest and save for their financial futures.

Responding to the review, Liz Field, WMA Chief Executive, commented: “We greet today’s stamp duty review with much enthusiasm.  It is vital to protect the interests of investors and the investment industry in the UK and removal of this tax would grow the UK’s competitive advantage and increase trading and liquidity.  We have already submitted several technical suggestions to bring about tax simplification and look forward to working with the Office of Tax Simplification on this key area”.