Key facts
- Ian Corfield is the CEO of Secure Trust Bank.
- Corfield called for the UK government to abolish stamp duty on shares.
- He described stamp duty on shares as the 'biggest handbrake' on the stock market.
- Corfield argues the duty hinders retail investor participation.
- He also believes the duty reduces liquidity in the stock market.
- Corfield stated the change is crucial for boosting UK wealth generation.
Ian Corfield, the chief executive of Secure Trust Bank, has strongly advocated for the abolition of the UK's stamp duty on shares. Corfield described the tax as the "biggest handbrake" currently affecting the stock market, asserting that it actively hinders the participation of retail investors. He further contends that the duty contributes to reduced liquidity in the market, which in turn limits the potential for wealth generation in the UK.
Corfield's remarks highlight a significant concern regarding the impact of financial transaction taxes on market dynamics. By imposing a duty on share purchases, the UK may be inadvertently creating barriers for individual investors looking to engage with the stock market. This, according to Corfield, not only affects the accessibility of investments but also dampens the overall health and efficiency of the market.
The call for reform comes at a time when many economies are reviewing their fiscal policies and their impact on investment and economic growth. The specific tax in question, stamp duty on shares, is a levy that has long been debated for its potential to discourage trading and investment. Secure Trust Bank's CEO believes that removing this impediment is a critical step towards fostering a more robust and dynamic financial environment in the United Kingdom.