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<p>There are no plans to make changes to intermediary relief from Stamp Duty and Stamp
Duty Reserve Tax.</p><p> </p><p> </p><p>Intermediary relief ensures that the UK equity
market functions efficiently by preserving liquidity. Changes to intermediary relief
would risk causing serious disruption to the market with implications both for companies’
funding costs and for London’s position as a global listing venue. Even a small restriction
could be damaging by causing a change in behaviour, resulting in less tax revenue
overall.</p><p> </p>
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