Budget 2013: Abolition of stamp duty reserve tax makes London more attractive for small caps
21 March 2013
Michael Quinlan, partner and head of Securities Tax at Deloitte, comments on the abolition of stamp duty and stamp duty reserve tax (SDRT) on junior market shares.
“Legislation is to be introduced in Finance Bill 2014 that will from April 2014 abolish stamp duty and SDRT on share transactions in UK companies quoted on growth markets such as the Alternative Investment Market, the London Stock Exchange’s international market for smaller companies.
“This change in policy makes London even more attractive for small caps and IPOs, particularly in view of the financial transaction taxes (FTTs) recently introduced in France and Italy, and the European Commission’s proposal for an FTT across 11 EU member states from January 2014.”
Notes to editors
In this press release references to Deloitte are references to Deloitte LLP, which is among the country's leading professional services firms.
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Please see www.deloitte.co.uk/about for a detailed description of the legal structure of DTTL and its member firms.
The information contained in this press release is correct at the time of going to press.
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