Stamp duty on shares is ‘biggest handbrake’ says UK bank chief
The boss of a London-listed bank and former Labour party donor has called for stamp duty on shares to be ditched in the Autumn Budget to boost trading from retail investors. Ian Corfield, the boss of Secure Trust Bank, told City AM one of the firm’s “biggest challenges is trying to generate liquidity into the [...]
Secure Trust Bank's CEO, Ian Corfield, has called for stamp duty on shares to be abolished in the upcoming Autumn Budget to increase retail trading. Corfield, who previously served as the Treasury's director of investment under the Labour government, believes that paying tax upon buying a share is the "biggest handbrake" on the business.
The London-listed bank, with a £300m valuation, has seen its stock rise by 19% over five years to 1,617.60p. Corfield described the 0.5% levy on stock trading as a "blocker for retail investors," noting that the current stamp duty has failed to attract top financial sector prospects. New Chancellor John Healey faces pressure to boost liquidity issues in the UK market, but boosting retail investment is seen as key by Corfield for UK wealth generation.
The banking sector is also under pressure to avoid a fresh tax, following the booming profits of industry giants, with campaigners suggesting a £19bn windfall tax on Natwest, Lloyds, Barclays, and HSBC alone.
Written by urgent.news from City AM's reporting — not their text. Machine-written — it may contain errors, so check the original before relying on it.
