On 22 June 2023, ISLA submitted a response to His Majesty’s Revenue & Customs (HMRC) consultation to modernise Stamp Taxes on Shares framework, which encompasses both Stamp Duty and Stamp Duty Reserve Tax.
The Consultation Paper focuses on whether to have a single tax on securities rather than the current framework of both Stamp Duty and Stamp Duty Reserve Tax, proposals for the assessment and administration of any new single tax on securities, and proposals for key elements of any new single tax on securities including liability, tax base, geographical scope, compliance regime and exemptions and reliefs.
ISLA’s response provides feedback in relation to stock lending and repurchase relief. View the full response here.
To learn more, visit ISLA’s Working Group page to be a part of these discussions.