Source · Select Committees · Business and Trade Committee
Recommendation 27
27
We acknowledge the Government’s need to raise revenue.
Conclusion
We acknowledge the Government’s need to raise revenue. We are not convinced however that taxing purchases of shares in UK companies at the current rate is the wisest source. An investor purchasing a share in a UK company currently pays 0.5% in share stamp duty, but pays nothing if purchasing a share in a US company. This clearly has a negative impact on investment in UK firms and consequently economic growth. (Conclusion, Paragraph 102)