Key facts
- Ian Corfield, CEO of Secure Trust Bank, urged the UK government to eliminate stamp duty on shares.
- Corfield described the 0.5% levy as a 'handbrake' and a 'blocker for retail investors'.
- He believes removing the tax would improve liquidity in the London stock market.
- Secure Trust Bank reported a 9.4% increase in first-half profit to £31.3 million.
- The bank's loan book grew by 4.9% to £3.5 billion.
- Corfield opposed calls for a windfall tax on banks, deeming it 'inappropriate'.
Ian Corfield, the chief executive of Secure Trust Bank, has urged the UK government to abolish stamp duty on shares, describing it as the "biggest handbrake" on the stock market. Speaking ahead of the Autumn Budget, Corfield stated that removing the 0.5% levy on share trading is essential to boost liquidity and encourage participation from retail investors, which he believes is key for UK wealth generation.
Corfield, a former Labour party donor who briefly served as the Treasury's director of investment in 2024, argued that the tax acts as a significant "blocker for retail investors." While Ousted Chancellor Rachel Reeves introduced a three-year stamp duty holiday for new listings in her 2025 Budget, Corfield suggested this measure was insufficient to significantly impact investment decisions.
His comments come as Secure Trust Bank reported a profit of £31.3 million for the first half of the year, a 9.4% increase, excluding a £11.9 million gain from selling its vehicle finance portfolio. The bank's loan book expanded by 4.9% to £3.5 billion, driven by its retail and business finance arms. The bank's CET1 ratio improved to 14.3% from 12.9%, freeing up capital.
Meanwhile, Corfield also addressed calls for a new tax on the banking sector, suggesting that a windfall tax would be "inappropriate," especially given the fluctuating interest rate environment. He noted that Secure Trust Bank does not currently pay the three percent banking surcharge on corporation tax as its profits are below the £100 million threshold. The bank is also setting aside £21 million for provisions related to the Financial Conduct Authority's redress scheme for 'secret' commission deals.