Revenue Law Committee - Stamp Duty Consultation

The CLLS Revenue and Company Law committees responded to the HMRC "Consultation: Stamp Taxes on Shares modernisation" on proposals relating to Stamp Duty and Stamp Duty Land Tax. They advised that a number of aspects of the current stamp duty regime are an embarrassment for solicitors to have to explain to their clients; elements of the regime are over-complex, out of date, incomprehensible and irrelevant. They called for, among other elements, a single tax on securities, adopting a single charging point, and proposals relating to the taxation of partnership, pensions, and debentures. They also offered to work with HMRC as they proceed to implement such reforms.