AIC continues campaign for removal of stamp duty on investment companies

‘Unfairness’

Eve Maddock-Jones
clock • 1 min read

The Association of Investment Companies has called for the removal of stamp duty on investment companies, on the grounds that it creates an “uneven playing field” between open and closed-ended funds.

Purchases of investment company shares are subject to stamp duty, something that is not levied against its open ended peers. Richard Stone, chief executive of the AIC, said the UK's IT sector was being "held back" from making an even greater contribution to the investment space by this fact, stating open-ended funds gain an unfair advantage. Autumn Statement 22: Stamp duty cuts to remain until 2025 "The current approach taxes investors twice, as the investment company itself pays stamp duty when it purchases UK shares. This double dipping is normally avoided by policymakers and sho...

To continue reading this article...

Join Investment Week for free

  • Unlimited access to real-time news, analysis and opinion from the investment industry, including the Sustainable Hub covering fund news from the ESG space
  • Get ahead of regulatory and technological changes affecting fund management
  • Important and breaking news stories selected by the editors delivered straight to your inbox each day
  • Weekly members-only newsletter with exclusive opinion pieces from leading industry experts
  • Be the first to hear about our extensive events schedule and awards programmes

Join now

 

Already an Investment Week
member?

Login

More on Investment Trusts

Trustpilot