The head of the Cavendish investment bank, Lisa Gordon, proposed to abolish the tax on the purchase of shares in the UK and introduce a tax on transactions with cryptocurrencies instead. Such a step will promote more active investment by the British in local companies and support the country’s economy, informs Cointelegraph.
“It should scare us all that more than half of people under 45 own cryptocurrencies and don’t own any stocks,” Gordon said.
She noted that the reduction of stamp duty on shares and its extension to cryptocurrencies could direct citizens’ savings to invest in local businesses and encourage other companies to enter the public market in the country.
The UK currently has a 0.5% tax on the purchase of shares traded on the London Stock Exchange, which brings in about £3 billion to the budget annually. At the same time, cryptocurrencies, which Gordon called an unproductive asset, do not return to the economy.
“Instead, stocks provide capital for growing companies that employ people, innovate and pay corporate tax”, – she explained.
According to the British Financial Regulation and Supervision Authority (FCA), as of November last year, 12% of the country’s adult population — that’s about 7 million people — had cryptocurrencies. The largest number of owners of digital assets – 36% – were younger than 55 years.
It will be recalled that the new government of Great Britain promised to introduce updated rules for the supervision of the cryptocurrency sector at the beginning of this year. In particular, the regulation of stablecoins will become part of a unified regulatory framework for cryptoassets.
