While awaiting the outcome of HMRC’s consultation on stamp tax modernisation, Richard Sultman and Peter North (Cleary Gottlieb) consider some missed opportunities and unresolved issues.
Given the ageing and labyrinthine tapestry of today’s stamp duty and SDRT legislation it is unsurprising that feedback on HMRC’s consultation on the modernisation of stamp taxes on shares has been largely supportive (see for example ‘Modernising stamp duty: are we nearly there yet?’ (Emily Szasz and John Tolman) Tax Journal 26 May 2023). Indeed this ambitious project proposing that stamp duty and SDRT are consolidated into a single tax with a simplified territorial scope and modern self-reporting portal contains much to applaud. However for a project in the works since the Office of Tax Simplification announced a review of stamp duty on paper transactions in December 2016 practitioners might wonder whether the proposals...
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While awaiting the outcome of HMRC’s consultation on stamp tax modernisation, Richard Sultman and Peter North (Cleary Gottlieb) consider some missed opportunities and unresolved issues.
Given the ageing and labyrinthine tapestry of today’s stamp duty and SDRT legislation it is unsurprising that feedback on HMRC’s consultation on the modernisation of stamp taxes on shares has been largely supportive (see for example ‘Modernising stamp duty: are we nearly there yet?’ (Emily Szasz and John Tolman) Tax Journal 26 May 2023). Indeed this ambitious project proposing that stamp duty and SDRT are consolidated into a single tax with a simplified territorial scope and modern self-reporting portal contains much to applaud. However for a project in the works since the Office of Tax Simplification announced a review of stamp duty on paper transactions in December 2016 practitioners might wonder whether the proposals...
If you or your firm subscribes to Taxjournal.com, please click the login box below:
If you do not subscribe but are a registered user, please enter your details in the following boxes:
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