Have your say on the future of stamp taxes on shares
HMRC has launched a consultation on simplifying stamp taxes on share transactions. What are the proposed alternatives and how can you have your say on them?
HMRC is seeking views on its proposed changes to Stamp Duty and Stamp Duty Reserve Tax. Stamp Duty is currently charged on share transfers effected on paper, i.e. a stock transfer form. Whereas Stamp Duty Reserve Tax is charged on paperless transactions, which is more common. The intention is to modernise this area and reduce the administrative burden and inefficiencies for both taxpayers and HMRC. The consultation is focussed on the following:
- 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
- proposals for key elements of any new single tax on securities including liability, tax base, geographical scope, compliance regime and exemptions and reliefs
If you want to get involved, the consultation document can be found here and responses should be emailed to sts.consultation@hmrc.gov.uk by 22 June 2023.
Related Topics
-
Free childcare for company owners?
You’re an owner manager and your daughter is due to start nursery. You understand that working parents can get free childcare but a friend said this isn’t available if you only pay yourself dividends. Is this true and what can you do to qualify?
-
CT61
-
Getting the NI on benefits right
Getting the National Insurance (NI) treatment of employee benefits wrong remains a common issue for employers, particularly where the benefits are payrolled. Errors can lead to underpaid NI and potential compliance action. What should you check?
This website uses both its own and third-party cookies to analyze our services and navigation on our website in order to improve its contents (analytical purposes: measure visits and sources of web traffic). The legal basis is the consent of the user, except in the case of basic cookies, which are essential to navigate this website.