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Will Chancellor lick stamp duty?

Autif would like to see Chancellor Gordon Brown relax stamp duty on share transactions within funds of funds. This type of savings vehicle is hit twice by the levy, which does not make any sense.

Both the main fund and the funds it invests in are taxed the 0.5 per cent duty when purchases take place and the Government should rectify this situation in next week&#39s Budget.

We also want to see the details about how individual pension accounts will be made exempt from stamp duty in practice. The Treasury has already said the new pension vehicles will avoid the duty but we have yet to see any details about how this will work.

Despite this, we are sceptical that the Chancellor will make any changes that will affect UK fund managers so close to a general election. Brown will avoid technical changes and instead opt for spending money on popular measures more likely to attract votes. Because of this, we are not drawing up a major wish list this year.

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India Election Update

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