The CIOT has published its response to HMRC’s consultation on stamp taxes on shares modernisation which had sought views on proposals to modernize and consolidate the existing stamp duty and SDRT legislation. It was proposed that a new single tax that will replace them, that is self-assessed and administered in line with the rest of the UK tax system. It will be subject to clear rules on geographical scope, tax base and calculation of liability.
The CIOT comments are as follows:
The CIOT has published its response to HMRC’s consultation on stamp taxes on shares modernisation which had sought views on proposals to modernize and consolidate the existing stamp duty and SDRT legislation. It was proposed that a new single tax that will replace them, that is self-assessed and administered in line with the rest of the UK tax system. It will be subject to clear rules on geographical scope, tax base and calculation of liability.
The CIOT comments are as follows: