3 May 2007
3 May 2007
Brewin Dolphin, the UK’s largest independent portfolio manager, welcomes the findings of the Oxera Report: ‘Stamp duty: its impact and the benefits of its abolition’.
Jamie Matheson, Executive Chairman of Brewin Dolphin said, “We have over 100,000 private clients and last year they paid nearly £16 million in stamp duty on their £20 billion of investments with us this is a significant sum and a big drag on their savings. It also backs up the £514 million highlighted in the LSE’s Oxera Report, as being paid by private investors.
“We are broker to 140 quoted companies too and if stamp duty was abolished it would do much to keep listings in London and let us fairly compete with markets like Berlin.
“Abolition of this tax would be a win-win all round; for investors and pensioners, public companies and the UK market as a whole, and thereby H. M. Treasury. We have long argued that the Chancellor should demonstrate he is alert to the dangers and at the very least reduce the 0.5% rate as a signal to the market. I gather the Tories have said they want to abolish it!”
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For further information please contact:
Charlotte Black
Brewin Dolphin Securities
0845 213 3331
Patrick Evans / Alistair Kellie / Ewan Robertson
Citigate Dewe Rogerson
020 7638 9571
Link to Oxera Report
http://www.londonstockexchange.com/en-gb/about/Newsroom/Media+Resources/Stamp+Duty/
Notes to Editors:
Brewin Dolphin Securities Limited
(“BDS”) is the principal operating company of Brewin Dolphin Holdings PLC which is listed on the London Stock Exchange. BDS is authorised and regulated by the Financial Services Authority and is a member of the London Stock Exchange.BDS is the largest independent private client portfolio manager in the UK. The Group manages £20 billion of funds on behalf of more than 100,000 clients, and of this £8.8 billion is on a discretionary basis. BDS has 36 offices and is corporate adviser to 140 small and medium sized quoted companies.