London Stock Exchange (LSE) Chairman, Don Cruikshank has renewed calls for the abolition of stamp duty on share transactions, arguing that the practice is an anachronism, and that it discriminates against British companies.
Speaking at the Confederation for British Industry conference ahead of today's pre-budget report, Mr Cruikshank suggested that by continuing to impose a 0.5% charge on share transactions, the government is 'persisting in punitive taxation of the very thing that matters - risk capital.'
He went on to describe the fact that only shares of UK registered companies attract the levy 'bizarre and embarrassing', reasoning that: 'No other country has taxes that only its own firms suffer.'
According to recent estimates, stamp duty on shares brings in around £3 billion in revenue each year.
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