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Modernising stamp duty: are we nearly there yet?

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HMRC has published a consultation for a new UK stamp tax on securities regime. It is proposed that the existing stamp duty and SDRT legislation will be rewritten, modernised and consolidated. The new tax is proposed to be self-assessed and administered in line with the rest of the UK tax system and will be subject to clear rules on geographical scope, tax base and calculation of liability. The majority of the proposals are sensible and will be a welcome simplification. The 1.5% charge on the issuance or transfer of securities into a clearance system is not covered and its future remains uncertain.

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