.png)
.png)
OTS recommends reform to outdated paper stamp duty system.
The Office of Tax Simplification has urged the modernisation of the stamp duty system for share transactions outside CREST. It described as outdated and cumbersome the current arrangements that are administered by impressing paper stock transfer forms with physical stamps.
In a report, the OTS makes several suggestions: digitising the process that requires sending a paper document to the Birmingham Stamp Office; updating the rules governing company registrars’ so that they can register transactions on the same day if required; and limiting the scope of stamp duty.
In addition, the OTS recommends bringing stamp duty legislation into one place within the already digitised stamp duty reserve tax, and ensuring that the digital process is developed to secure the fullest benefits for those who pay the tax and collect it.
