Thank you for sharing!

Your article was successfully shared with the contacts you provided.

By Philip Hoult Tax lawyers have accused Chancellor Gordon Brown of leaving the UK out of step with other countries by failing to introduce a commitment to abolish stamp duty on share dealings in last week’s pre-budget report.Guy Brannan, head of tax at Linklaters & Alliance, said stamp duty on share dealings made it more difficult for UK companies to raise capital in other jurisdictions.“It makes UK-listed companies less competitive,” he said. “They ought to take the bull by the horns.”His comments were backed by Slaughter and May partner Sara Luder, who said: “It is a shame nothing has been done.”Despite disappointment over stamp duty, corporate tax lawyers welcomed most of the measures that were included in the report.Initiatives to help the new economy, such as the decision to abolish the limit on the number of employees qualifying for options under the Enterprise Management Incentive (EMI), were also hailed.“The number of employees for the EMI was an artificial limit and it is sensible that that has been removed,” said John Watson, head of tax at Ashurst Morris Crisp.The only major announcement on partnership law was the confirmation of 6 April 2001 as the date that limited liability partnerships (LLPs) finally become available. The Inland Revenue is set to release LLP guidelines in December.Richard Lindsell, head of Rowe & Maw’s professions group, said: “It makes me nervous that the fag end of the process is in the hands of the Treasury.”

This premium content is reserved for
Law.com International Subscribers.


  • Customized news by region including UK, Asia, Europe, Latin America, Middle East, Africa, and North America
  • Cutting-edge research such as UK Top 100, China 45, and Asia 50
  • Get the inside track on the biggest breaking stories that delve deep into the issues behind the headlines
  • Comprehensive coverage of the dynamic legal market from people moves to the major international jurisdictions
  • Global view into how legal tech, business of law, in-house and regulatory environments are intersecting worldwide

Already a subscriber?


Law.com International Newsletters & Briefings

Sign Up Today and Never Miss Another Story.

Sign up for an unlimited number of complementary newsletters, alerts, and International Briefings. Get the timely legal news and critical analysis you cannot afford to miss. Tailored just for you. In your inbox. Every day.

Copyright © 2020 American Lawyer Media International, LLC. All Rights Reserved.