Overview
- Chancellor Rachel Reeves announced the policy in the Autumn Budget, targeting companies making their market debut in London.
- Investors will not pay the 0.5% stamp duty on trades in shares of newly listed firms for up to three years after their IPO.
- London Stock Exchange chief executive Dame Julia Hoggett welcomed the move as a clear step toward encouraging investment in UK equities.
- The change follows a severe listings slump, with just £184m raised on the London market in the first nine months of 2025 compared with about £40bn in the US.
- Officials are seeking to bolster London’s competitiveness and reduce the pull of overseas venues, after high-profile shifts such as Flutter’s move to a New York main listing.