Overview
- Multiple reports say the Budget will propose exempting the 0.5% stamp duty on shares of companies newly listed in the UK for up to three years after IPO.
- The measure would extend the current exemption from only the day of listing, according to people familiar with the plans.
- HM Treasury has not confirmed the policy, which is presented as a step to attract listings and deter firms from shifting primary listings overseas.
- London raised about £184m from IPOs in the first nine months of 2025 versus roughly £40bn in the US, with Flutter among firms that moved main listings to New York.
- Industry voices welcomed the reported incentive, while related options under consideration include cutting the cash ISA limit to £12,000 and increasing dividend tax outside wrappers.