As part of the tax administration and maintenance day on 27 April 2023, HMRC launched a consultation on proposals to modernise the stamp taxes on shares framework.

The central proposal in the consultation is the replacement of the existing framework of both stamp duty and stamp duty reserve tax (SDRT) with a single tax on securities.

The consultation seeks views on proposals for the assessment and administration of any such single tax and proposals for the key elements of the tax, including liability, tax base, geographical scope, compliance regime and exemptions and reliefs.