5th December 2013
The Government is to axe stamp duty on Exchange Traded funds following a similar move with Aim listed shares earlier this year.
In his budget statement, Osborne said: “Today we take further steps to make our business taxes yet more competitive. The Budget announcement that we would abolish stamp duty on Aim shares was applauded around the world. Today we also abolish the stamp duty for shares purchased in exchange traded funds to encourage these funds to locate in the UK.”
The move is arguably more symbolic as most ETFs are currently domiciled outside the UK because of the stamp duty. But it may see some providers move onshore.