Published: 4th May 2023
HMRC has launched a consultation on simplifying stamp taxes on share transactions. What are the proposed alternatives and how can you have your say on them?
HMRC is seeking views on its proposed changes to Stamp Duty and Stamp Duty Reserve Tax. Stamp Duty is currently charged on share transfers effected on paper, i.e. a stock transfer form. Whereas Stamp Duty Reserve Tax is charged on paperless transactions, which is more common. The intention is to modernise this area and reduce the administrative burden and inefficiencies for both taxpayers and HMRC. The consultation is focussed on the following: