Autumn Statement 2023: Stamp Taxes

The Chancellor announced the following measures on Stamp Taxes in his 2023 Autumn Statement.

Stamp Duty and Stamp Duty Reserve Tax: widening the access to the Growth Market Exemption

From 1 January 2024:

• Legislation in Autumn Finance Bill 2023 will extend the Growth Market Exemption, a relief from Stamp Duty and Stamp Duty Reserve Tax, to include smaller, innovative growth markets.
• The change will allow Financial Conduct Authority regulated multilateral trading facilities (MTFs), that are operated by investment firms, to access the exemption.
• This measure will also legislate to increase the company market capitalisation cap condition within the Growth Market Exemption from £170m to £450m.

Stamp Duty and Stamp Duty Reserve Tax: removal of the 1.5% charge on issues and certain related transfers

From 1 January 2024:

• Legislation in Autumn Finance Bill 2023 will ensure that the existing 0% charges under Stamp Duty and Stamp Duty Reserve Tax on issues (and certain related transfers) of securities onto foreign markets, will remain in place and be brought permanently into UK law following the changes in the Retained EU Law (Revocation and Reform) Act 2023 taking effect.
• The legislation will also preserve the 0% charge on issues of bearer instruments. 

Useful links

Autumn Statement 2023: At a glance
The Chancellor, Jeremy Hunt, presented his Autumn Statement 2023 speech on Wednesday 22 November. This is our 'At a glance' summary of the key tax announcements and measures. 

External links

Policy paper: Growth market exemption for Stamp Duty and Stamp Duty Reserve Tax