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Stamp out stamp duty campaign goes electronic

Action group Stamp Out Stamp Duty is relaunching its efforts to lobby the Chancellor to scrap stamp duty on share dealing in next week&#39s Budget.

The campaign, led by the Association of Private Client Investment Managers and Stockbrokers, is aiming to get as many names on its electronic petition as it can before the March 7 Budget.

Launched last week, the campaign already has 400 signatures in support. The petition can be accessed at www.StampOutStampDuty.co.uk.

The group plans to send the petition electronically to the 10 Downing Street website, which is accepting petitions for the first time this year.

Apcims says with the increase in global share dealing services, in order for the UK to remain competitive internationally, it must lose stamp duty. It says other European nations like Germany don&#39t have a similar tax, and Austria cancelled its stamp duty last year.

Stamp duty is levied at 0.5 per cent when stocks and shares are bought. It brings in £3bn to Treasury coffers each year, which is seen as one of the main reasons why Chancellor Gordon Brown is reluctant to cancel the measure.

Apcims chairman Mark Powell says: “The more business grows across borders, the more of a disadvantage stamp duty is to UK companies and savers. A start must be made to rolling back this tax, which has an adverse effect on everyone from pensioners through to companies planning mergers.”

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