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Where Taxpayers and Advisers Meet
Trading in financial instruments ? changes announced
28/02/2007, by Sarah Laing, Tax News - Business Tax
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The Government has announced proposed tax measures designed to remove obstacles to competition and expand choice in the trading of financial instruments in the UK.

In a recent statement, Economic Secretary to the Treasury, Ed Balls, announced the following proposals:

  • extending the stamp duty and stamp duty reserve tax reliefs for intermediaries trading UK shares from 1 November 2007; and
  • changing the rules for designating stock exchanges as ‘recognised’ for tax purposes, so that any UK stock exchange that is a recognised investment exchange within the meaning of the Financial Services and Markets Act 2000 could achieve this status.

Draft clauses dealing with stamp duty changes have been published on the HMRC website (see below) for consultation in advance of this year’s Finance Bill.

 Link

HMRC: draft clauses

HMRC: Information on "recognised’ status"

About The Author

Sarah Laing
Editor, TaxationWeb News

Sarah is a Chartered Tax Adviser. She has been writing professionally since joining CCH Editions in 1998 as a Senior Technical Editor, contributing to a range of highly regarded publications including the British Tax Reporter, Taxes - The Weekly Tax News, the Red & Green legislation volumes, Hardman's, International Tax Agreements and many others. She became Publishing Manager for the tax and accounting portfolio in 2001 and later went on to help run CCH Seminars (including ABG Courses and Conferences).

Sarah originally worked for the Inland Revenue in Newbury and Swindon Tax Offices, before moving out into practice in 1991. She has worked for both small and Big 5 firms. She now works as a freelance author providing technical writing services for the tax and accountancy profession.

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