There were two helpful stamp taxes measures in the Autumn Statement.

The first is that certain multilateral trading facilities regulated by the Financial Conduct Authority are to be able to access exemptions from UK stamp taxes both on listing shares in UK companies and also on purchases of UK company shares within the trading facility.

This is a welcome change and will open access to new markets for UK companies to raise capital.

The second is a reiteration that the government has listened to the concerns about the rules that will sunset EU law and the implication for UK companies listing on overseas markets.  The government will legislate to ensure that UK companies will continue to be exempt from the 1.5% stamp duty reserve tax charge on issuing shares into clearance or depositary receipt services for trading on non-UK markets after the end of this year.

There were concerns when this was announced in September that, without further steps, such services might conclude that they were obliged by law to collect and pay the tax to HMRC from 1 January 2024 until the Autumn Finance Bill 2023 became law, notwithstanding the announcement.  However, given that the stamp duty changes were included in the Autumn Statement ways and means resolutions, we anticipate that Parliament will consider and vote through the changes by way of the ways and means resolutions procedure which will mean that these changes will become law at some point within the 10 days following the Autumn Statement.