In the article available at the link below, Emily Szasz and John Tolman from our London Tax team discuss the recent consultation published by the UK tax authority outlining a new UK stamp tax on securities regime.

It is proposed that the existing stamp duty and stamp duty reserve tax legislation will be rewritten, modernised and consolidated. The new tax is proposed to be self-assessed and administered in line with the rest of the UK tax system and will be subject to clear rules on geographical scope, tax base and calculation of liability.

The majority of the proposals are sensible and will be a welcome simplification. However, the 1.5% charge on the issuance or transfer of securities into a clearance system is not covered and its future remains uncertain.

This article was originally published in Tax Journal on 26 May 2023.