AIC responds to HMRC’s consultation on stamp taxes on shares

The AIC has issued the following comment.

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Responding to HMRC’s consultation on Stamp Taxes on Shares, the AIC has issued the following comment:

Richard Stone, Chief Executive of the Association of Investment Companies (AIC), said: “We believe stamp duty on investment trust purchases is a long way past its sell-by date. It is particularly frustrating that investment trust investors are compelled to pay stamp duty, but buyers of open-ended funds do not pay this tax. 

“The abolition of stamp duty for investment trust purchases would help meet the government’s objective of encouraging investment in UK markets and the real economy rather than speculative purchases of cryptocurrency.”

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