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&#39Stamp out this tax on pensions&#39

The Government is cutting pensions by £8,000 per person through stamp duty on share transactions, says the National Association of Pension Funds.

At a conference hosted by the London Stock Exchange this week, NAPF chairman Christine Farnish warned that people in defined-contribution schemes are paying an average of £90 a year in stamp duty.

LSE chairman Don Cruickshank attacked the Treasury for failing to respond to calls for the abolition of the tax, which he claims penalises companies for being based in the UK, makes it harder for them to raise capital, slows the efficient running of the market and is untenable if the UK commits itself to the eurozone.

Farnish said the cost of transacting shares in the UK was forcing pension fund managers to look overseas.

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