Posted on by Sheena Gillett

Press Release

Autumn Statement: WMA welcomes the Government review of Stamp Duty on Share Transactions

23rd November 2016

Following today’s last ever Autumn Statement, the Wealth Management Association (WMA) welcomed the Chancellor’s announcement of a Government review of Stamp Duty on share transactions.

WMA is the leading industry body for the private client investment community whose members look after over £760 billion of individuals’ investments in the UK.  WMA has been a long standing and leading campaigner for review in this area and tax simplification in general.

In April 2014 the Government abolished stamp duty on shares listed on UK growth markets such as AIM.  This was a positive start but WMA believe the Government could go further by extending this exemption to all UK registered shares to help encourage more people to invest and save for their financial futures.

Responding to the review, Liz Field, WMA Chief Executive, commented:

“We greet today’s stamp duty review with much enthusiasm.  It is vital to protect the interests of investors and the investment industry in the UK and removal of this tax would grow the UK’s competitive advantage and increase trading and liquidity.  We have already submitted several technical suggestions to bring about tax simplification and look forward to working with the Office of Tax Simplification on this key area”.

Notes for Editors

Contact

If you would like further information on this release or other press matters please contact:
Sheena Gillett, Head of PR and Communications at WMA on +44 (0)20 7011 9869, sheenag@thewma.co.uk or
Flame PR on +44 (0)20 3357 9740, WMA@flamepr.com


About the Wealth Management Association (WMA)

  • The Wealth Management Association (WMA) is a trade association that represents 183 wealth management firms (full members) and associate members who provide professional services to our full member firms.
  • WMA members firms look after over £760 billion of wealth for over 4 million retail investors.
  • WMA full members deal in stocks, shares and other financial instruments for individuals, trusts and charities through a range of services spanning execution only, advisory and discretionary fund management.
  • The WMA exists to support its members and their clients in the following ways:
    • To be an advocate for the sector with governments, regulators and the wider financial services community;
    • To influence policy and also decision makers within the wider sector to the benefit of WMA members and their clients;
    • To research and provide definitive information about the sector as required for members and in support of the influencing and advocacy objectives;
    • To be a thought leader, to lead and stimulate debate and make members aware of emerging trends; challenging and provoking change.
    • Facilitating the sharing of good practice, enabling the membership as a whole to benefit from the latest developments affecting the sector as well as providing support to enable them to develop good prescribe and overcome challenges.
  • WMA firms operate across more than 580 sites, employing over 32,000 staff.
  • These firms also run over 5.5 million client portfolios and carry out over 20 million trades a year.
  • www.thewma.co.uk
  • Switchboard: 020 7448 7100