As part of the Government’s Tax Update Spring 2025, HMRC have confirmed they will bring forward their proposals for reform broadly as outlined in their consultation, with some modifications:
Alongside the consultation response, HMRC also published a new consultation seeking views on aspects of the 1.5% higher rate stamp taxes charge, which applies to certain transfers of UK securities overseas, with a focus on reducing unnecessary legislation and improving clarity as the next step in this long term project.
Comment: It is positive to see that the Government is progressing with the much-needed reform of stamp duty to establish a new regime which is more modernised with simplified administration and which speeds up the registration of share transfers. It is also particularly welcome to see that HMRC have taken on board the responses made as part of the consultation to ensure the regime works from a practical perspective and is designed so as to achieve its aims.
As part of the Government’s Tax Update Spring 2025, HMRC have confirmed they will bring forward their proposals for reform broadly as outlined in their consultation, with some modifications:
Alongside the consultation response, HMRC also published a new consultation seeking views on aspects of the 1.5% higher rate stamp taxes charge, which applies to certain transfers of UK securities overseas, with a focus on reducing unnecessary legislation and improving clarity as the next step in this long term project.
Comment: It is positive to see that the Government is progressing with the much-needed reform of stamp duty to establish a new regime which is more modernised with simplified administration and which speeds up the registration of share transfers. It is also particularly welcome to see that HMRC have taken on board the responses made as part of the consultation to ensure the regime works from a practical perspective and is designed so as to achieve its aims.