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Under pressure: Chancellor Rachel Reeves
The Investment Association (IA) has urged the Chancellor to scrap stamp duty on shares to boost the stock market.
Investors must pay a 0.5 per cent tax if they buy UK-listed shares, but not overseas-listed companies.
Critics have long argued that the tax acts as a deterrent to putting money into the London market.
The AI said it was one of the highest such taxes in the world.
The body, which represents companies managing £9.1 trillion of assets, reaffirmed its position that the tax should be abolished as an incentive for pension funds to increase their allocations to UK-listed shares.
By removing it, Ministers would be “improving the attractiveness of UK stock markets for businesses and delivering greater benefits to the economy”, he said.
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