21 March 2013
Abolishing stamp duty on aim shares is a bold and decisive policy from Government
- London Stock Exchange Group warmly welcomes abolition of stamp duty on AIM shares in 2013 Budget
- Move will boost investment in growth market shares, and reduce cost of capital for UK's fast growing job-creating businesses
The Chancellor's confirmation in yesterday's Budget that stamp duty will be abolished for companies quoted on growth markets, including London Stock Exchange's AIM, is a bold and decisive growth-orientated policy.
The announcement sends a strong signal that London's equity markets are open for business, and will encourage growth businesses and entrepreneurs to use the public equity markets to build job-creating businesses of significant scale in the UK.
Xavier Rolet, CEO, London Stock Exchange Group said:
"This is fantastic news for the UK's small and medium size businesses. As engines of economic growth, these are the job-creators of tomorrow and the pathway to our prosperity. The Chancellor has put growth centre-stage and in abolishing stamp duty on AIM shares is helping to create an environment where these businesses can thrive."
Removing stamp duty from UK growth markets will incentivise a wider set of investors to back high growth SMEs in the UK's real economy. Analysis shows that that abolishing stamp duty will reduce the cost of capital for SMEs by over 15 per cent, enabling firms already quoted on AIM to expand and create up to 26,000 new highly skilled jobs in innovative sectors such as IT, life sciences and green energy.