Tax fight: a group of UK companies ask the Government to eliminate stamp duty
Fintech companies including Revolut and Monzo are calling on the Government to scrap stamp duty on share trading to help revive stock markets.
They are part of a group of companies that have joined a list of policy demands aimed at ensuring Britain maintains its “world-leading position” in the sector.
Investors pay 0.5 per cent stamp duty on the price of the UK-listed shares they buy.
But the tax does not apply to the purchase of shares in foreign companies, which deters investment in British companies.
City brokers Peel Hunt and Panmure Gordon, as well as investment giants such as AJ Bell and Hargreaves Lansdown, have already called for it to be scrapped.
Adding to those calls are new recommendations issued by the Unicorn Council for UK Fintech, launched by trade body Innovate Finance.
Payments company Revolut is among those ‘unicorns’, a term that refers to startups valued at $1 billion or more.
UK chief executive Francesca Carlesi said companies were trying to “ensure the UK continues to attract and grow the next generation of innovators”.
Other sign-ups include Monzo boss TS Anil and former Barclays chief executive Antony Jenkins, who runs banking technology firm 10X.
The UK stock market has struggled to attract new listings (losing Cambridge-based chip giant Arm to New York) and has seen established members such as travel giant Tui and gaming group Random Flutter heading abroad.