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...
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