Peter Muir, tax partner at Deloitte, commented: “This year’s Budget looks to tweak previous measures made to bolster the philosophy of levelling the playing field for Islamic finance products with conventional financial products.  A stamp duty barrier that was hindering the ability to issue Islamic bonds has been removed.  This will enable overseas investors to invest in bonds issued out of the UK market, thus removing a hindrance to the continued expansion of the Islamic finance market in the UK.

“The Government has also used the Budget to announce that they will take further powers to enable them to facilitate a sovereign sukuk issuance when their feasibility work has been completed.  Further feedback is expected in the summer and we look forward to seeing these developments.”

Peter Muir is available for further commentary on this subject.

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In this press release references to Deloitte are references to Deloitte & Touche LLP which is among the country’s leading professional services firms, providing audit, tax, consulting and corporate finance services. Deloitte & Touche LLP is the United Kingdom member firm of Deloitte Touche Tohmatsu (‘DTT’), a Swiss Verein whose member firms are separate and independent legal entities.  Neither DTT nor any of its member firms has any liability for each other’s omissions.  Services are provided by member firms or their subsidiaries and not by DTT.  Deloitte & Touche LLP is authorised and regulated by the Financial Services Authority.  The information contained in this press release is correct at the time of going to press.