No more stamp duty for growth companies — exemption to take effect this month
London’s equity capital markets will benefit from a further boost this month as the new stamp duty exemption for securities trading on growth markets comes into effect. The exemption was announced in last year’s Budget and is intended to incentivise investor participation in the UK’s growing small and medium-sized quoted businesses. Shares traded on certain growth markets, including AIM and the new high-growth market (which will shortly celebrate its first anniversary), will qualify for the exemption.
In anticipation of the exemption coming into force on 28 April 2014, HMRC has recently published some guidance on its application.
The exemption will apply to purchases of securities that trade on HMRC ‘recognised growth markets’ and that are not ‘listed’ on a ‘recognised stock exchange’. Eligible securities qualify for the exemption wherever they are traded and will be designated as exempt from stamp duty reserve tax in CREST…
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