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Abolition of £5 stamp duty burden
Those persons who acquire shares or marketable securities in UK companies
where a stock transfer form or other instrument is used to complete the
transfer will no longer need to present the instrument for stamping where ad
valorem stamp duty does not exceed £5 (consideration being £1,000 or less)
or where the instrument would have be liable to a £5 fixed charge to stamp
duty.
Our view
This is a welcome change to the stamp duty regime as the process of presenting transfer instruments to HMRC where the stamp duty charge (whether fixed or ad valorem) does not exceed £5 represents an unnecessary cost to business and also creates a heavy staffing burden at HMRC. |
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