Written statement on Draft Finance Bill legislation – Stamp Taxes on Shares - Sep 14

Economic Secretary (Andrew Griffith): The government will legislate to ensure that the existing 0% charge, under Stamp Duty and Stamp Duty Reserve Tax, on the issue of UK shares (or other chargeable securities) onto foreign markets and on certain related transfers of shares, will remain in place and be brought permanently into UK law following the changes in the Retained EU Law (Revocation and Reform) Act 2023 taking effect.

In line with this commitment, and with the Tax Policy Making framework, the government is today publishing draft legislation ahead of its inclusion in an upcoming Finance Bill. While the final contents of the next Finance Bill will be a decision for the Chancellor, the draft legislation is being published to seek stakeholder views at this stage. This allows for technical consultation and provides taxpayers with predictability over this area of tax policy.

This draft legislation is designed to ensure the competitiveness of the UK’s tax code in relation to financial services as the government takes steps to provide additional certainty within the Stamp Taxes on Shares regime.

The draft legislation is accompanied by a Tax Information and Impact Note and an Explanatory Note. All relevant documents can be found at:

https://www.gov.uk/government/publications/stamp-taxes-on-shares-removal-of-15-charge-on-issues-and-certain-related-transfers