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
-
HMRC has withdrawn Form 652. How should you notify VAT errors going forward?
-
Can paying interest to your company save tax?
You recently borrowed a substantial sum of money from your company rather than take extra salary or dividends. Your bookkeeper says it might be more tax efficient if your company charged you interest. This sounds counter-intuitive but is it correct?
-
Reverse charge and end user rules: opportunity?
If you sell construction services to other builders, you need to consider the domestic reverse charge rules. You must apply these where your customer is an end user. How might this create a cash-flow advantage?