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Tax and the City review for May 2023

In their latest review, Mike Lane and Zoe Andrews (Slaughter and May) consider two new consultations and a surprising decision on the UK taxation of a US dividend.

Tax Administration and Maintenance Day (TAMD): new consultations

Stamp taxes on shares modernisation

The consultation on proposals to modernise and rationalise the framework for stamp taxes on shares runs until 22 June. The Office for Tax Simplification report in 2017 first recommended the modernisation and digitalisation of stamp duty and since November 2021 an industry working group has been considering the detail of the shape of the reforms with HMRC following the 2020 call for evidence.

The proposal is for a mandatory single tax on equity and debt with equity-like features to replace the current framework of stamp duty and SDRT. The consultation does not however consider the 1.5% charge as that will be dealt with in a separate...

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