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Scepticism that Tory stamp duty move will boost saving

Advisers have welcomed Tory calls to scrap stamp duty on shares but question whether the policy on its own will boost long-term saving.

Conservative Shadow Chancellor George Osborne this week revealed that the party’s tax commission is looking at cutting or abolishing stamp duty on shares, which would cost the Treasury 4bn a year.

Hargreaves Lansdown head of pensions research Tom McPhail says it a good piece of political manoeuvring but is sceptical about Tory claims that the move will increase savings.

McPhail says: “It is undoubtedly good that people’s savings will grow faster but whether it would act as a catalyst to get more people to save is up for debate.”

Richard Jacobs Pension & Trustee Services managing director Richard Jacobs says the move will not make a difference to people’s savings habits but could be good news if it signals a genuine desire to begin rolling back current taxes on savings.

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