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
-
CT61
-
Could refinancing your property put mortgage interest relief at risk?
HMRC has changed its guidance on claiming tax relief for interest on loans used to replace capital withdrawn from a business. The Chartered Institute of Taxation (CIOT) has now challenged the revised guidance, warning that it creates uncertainty for landlords, sole traders and partnerships. Could your borrowing arrangements be affected?
-
Why is HMRC checking PVA more often?
Your business imports goods and accounts for VAT by applying postponed VAT accounting (PVA) on its returns. HMRC is scrutinising returns and issuing large assessments in some cases. What can you do to reduce the risk of getting it wrong?