The UK should begin taxing crypto purchases in a bid to sway Britons to invest in local stocks, which could boost the country’s economy, says the chair of investment bank Cavendish, Lisa Gordon.“It should terrify all of us that over half of under-45s own crypto and no equities,” Gordon told The Times in a March 23 report.“I would love to see stamp duty cut on equities and applied to crypto.”Currently, the UK lumps a 0.5% tax on shares listed on the London Stock Exchange, the country’s largest securities market, which brings in around 3 billion British pounds ($3.9 billion) a year in tax revenue.
Gordon said that many had “shifted to saving rather than investing,” which she claimed “is not going to fund a viable retirement.”A 2022 FCA survey found that 70% of adults had a savings account, while 38% either directly held shares or held them through an account allowing nearly 20,000 British pounds ($26,000) of tax-free savings a year — around three in four 18-24 years olds held no investments.
In comparison, she called crypto “a non-productive asset” that “doesn’t feed back into the economy.”“Equities provide growth capital to companies that employ people, innovate and pay corporation tax.
or
Share This Story
Article Details
Author / Journalist: Cointelegraph by Jesse Coghlan
The story "UK should tax crypto buyers to boost stock investing, economy, says banker" has 599 words across 21 sentences, which will take approximately 3 - 5 minutes for the average person to read.
Which news outlet covered this story?
The story "UK should tax crypto buyers to boost stock investing, economy, says banker" was covered 2 days ago by Coin Telegraph, a news publisher based in United States.
How trustworthy is 'Coin Telegraph' news outlet?
Coin Telegraph is a fully independent (privately-owned) news outlet established in 2013 that covers mostly crypto news.
The outlet is headquartered in United States and publishes an average of 38 news stories per day.
It's most recent story was published 8 hours ago.
What do people currently think of this news story?
The sentiment for this story is currently Neutral, indicating that people are not responding positively or negatively to this news.
How do I report this news for inaccuracy?
You can report an inaccurate news publication to us via our contact page. Please also include the news #ID number and the URL to this story.
