Sunday, August 27, 2006

Tory proposal to abolish stamp duty on shares

The Shadow Chancellor, George Osbourne, has announced that the next Conservative Government plans to abolish stamp duty on shares.

This is welcome news. Due to increasing equity prices, the receipts from stamp duty on shares have grown steadily over the years. Good news for the public coffers, but not very good news, in particular, for the pension funds. They have suffered heavily following the much criticised withdrawal of the dividend tax credit in 1997 (also known as Gordon Brown's £5bn raid). Abolition of the stamp duty tax charge should afford some relief. It is a good point from which to start.

The Bow Group is publishing a pamphlet tomorrow, which will contain more details of this proposal. I will be posting some more after I have read the pamphlet.
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