Stamp Taxes on shares modernisation: Simmons response

Simmons & Simmons has responded to HMRC’s consultation on proposals to end stamping by introducing a new single tax on transactions in securities, largely based on the existing SDRT framework. For further details of the consultation, see our article, Modernising stamp taxes on securities.

Our response builds upon the response we gave on 13 October 2020 to the call for evidence issued on 21 July 2020 entitled “Modernisation of the Stamp Taxes on Shares Framework”. It sets out, in particular, our views on the key elements (liability, tax base, geographical scope etc.) of the proposed single tax that would replace the current stamp duty and SDRT framework, as well as assessment and administration considerations.

To read our response, click here.