Open consultation

Stamp Duty and Stamp Duty Reserve Tax exemption for PISCES transactions

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

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 closes at
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

Draft statutory instrument

PDF, 121 KB, 2 pages

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Draft statutory instrument (accessible version)

HTML

Ways to respond

Email to:

stamptaxes.budgetfinancebill@hmrc.gov.uk

Write to:

Stamp Taxes on Shares Team
HM Revenue and Customs
Room 3/63
100 Parliament Street
London
SW1A 2BQ

Published 26 March 2025