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Treasury makes £1.5bn from pandemic stock market frenzy
Next year, the Treasury is expected to make £1.5bn from stamp duty taxes on shares, as a result of the pandemic stock market frenzy, which saw many first-time investors put money into the market, the Evening Standard reported.
While this year duty taxes on shares were £800m higher than £3.4bn that was initially forecast by the Treasury, next year the revenue will be £600m higher than expected.
“This new wave of enthusiasm from investors shows no sign of letting up,” Mark Ackred, founder of mobile investing platform dabble, told the Evening Standard. During the pandemic, most first-timers invested in shares of tech companies such as Tesla or Apple, causing the profits of trading platforms to skyrocket.