Budget 2013 reaction: Abolishing stamp duty on AIM shares
Will the announcement help establish the UK as an attractive destination for investment?
Access to long-term financing is key to the UK’s economic success, but will the latest announcement to abolish Stamp Tax on shares for companies listed on growth markets such as AIM provide a solution?
The move should reduce the cost of capital for fast growing, job-creating businesses in the UK. Business commentators share their thoughts:
Toby Ryland, corporate tax partner, HW Fisher & Company
“The investment community has been asking the government for help to encourage growth markets and the abolition of stamp duty on shares traded on markets such as AIM will be welcomed by both investors and businesses seeking to raise finance. This could further stimulate transactions that have been lacking in the past five years.”
Philip Letts, the founder and CEO of blur Group
“One outcome I’ve appreciated was the decision to abolish stamp duty on shares traded on LSE AIM – this is absolutely the right way to go to help the future of this country’s economy. AIM is a thriving, vibrant marketplace with three times the number of companies as the FTSE 350 and we’ve enjoyed great success since we launched on it back in October 2012. “At blur we are pioneering a completely new sector with s-commerce, so growth capital through AIM is integral to ensure we continue to be market leaders in the future. “I would hope that this move by George Osborne will now encourage more investors to take note of this market and also for more established businesses to follow our lead by joining AIM as long as they have the traction and infrastructure behind them to handle such a move.”