Closed consultation

Stamp Duty and Stamp Duty Reserve Tax exemption for PISCES transactions

• From: HM Revenue & Customs
• Published: 26 March 2025

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Summary

This draft statutory instrument is published for technical consultation on Stamp Duty and Stamp Duty Reserve Tax exemption for PISCES share transactions.

This consultation ran from
9:30am on 26 March 2025 to 11:59pm on 23 April 2025

Consultation description

Private Intermittent Securities and Capital Exchange System (PISCES) is a new type of stock exchange that will allow private companies to have their shares traded intermittently.

The draft statutory instrument provides exemption from Stamp Duty and Stamp Duty Reserve Tax (SDRT) for transfers of admitted PISCES shares in connection with trading activity that takes place on a PISCES under the Financial Market Infrastructure sandbox arrangements.

A power to make the regulations was introduced in the Finance Act 2025.

The consultation will run for 4 weeks starting on 26 March 2025 and ending on 23 April 2025.

Documents

PDF, 121 KB, 2 pages

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Draft statutory instrument (accessible version)

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Published 26 March 2025