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Flight calls for axing of stamp duty on shares

Conservative Treasury spokesman Howard Flight is renewing his call on the Government to abolish stamp duty on share dealing.

Flight claims the tax is deeply unpopular with the Opposition and leading City figures, who believe companies could be forced to list on foreign stockmarkets to avoid the charge.

But Flight concedes it is unlikely the Government will relent as the tax is worth around £3bn a year to the Treasury.

He says: “Stamp duty needs to go if only because all the business will go to Frankfurt if it does not.

“The Government will want to hang on to the revenue for as long as possible but I suspect it will be phased out.”

Flight, who spoke at a fringe meeting at last week&#39s conference, also supported the FSA&#39s decision not to launch a full-scale review into the endowment crisis.

He says endowments are still good value for long-term mortgages and there is not evidence of a scandal on the scale of pension misselling.

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