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Tories step up bid to scrap share stamp duty

The Conservatives have launched a two-pronged attack on the Government over its useof stamp duty.

The Tories claim stamp duty on share dealings must be abolished or business will flee Britain for more tax-friendly climates. Speaking before the Treasury select committee last week, Tory shadow chief secretary David Heathcoat-Amory called on the Government to abolish the 0.5 per cent duty on share dealing.

He says unless the Government reforms stamp duty it runs the risk of scaring off business to other international markets, especially in light of the proposed merger between the London and Frankfurt stock exchanges.

Heathcoat-Amory also attacks the use of stamp duty in the property market, saying it is business that is hit hardest.

A Treasury spokesman says: “We have made it clear that we have no plans tomake changes to the stamp duty regime.”

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