The stamp-out stamp duty campaign has vowed to continue despite being conspicuously ignored in this year's Budget.
Stamp duty on shares is a purchase tax collected at the rate of 0.5 per cent whenever an investor buys stocks. In many overseas markets, no equivalent duty exists.
It generates about £3bn a year for Treasury coffers.
Industry sources were hoping that, in exchange for a rise in mortgage stamp duty, they might expect a lowering or abolition of the tax charged on stockmarket trades.
Association of Private Client Investment Managers and Stockbrokers chief executive Angela Knight says: "Brown has missed his opportunity and I think in the next year he will regret it. But I am always optimistic. All you can do is keep on trying. It is absolutely shouting out for reform."
Association of Investment Trust Companies PR manager Annabel Brodie Smith says: "It is disappointing that it did not come into play. We will continue to lobby on it."