Working Group on the Modernization of the Stamp Duty Framework on Equities
The permanent members will be composed of representatives of HMRCThe Stamp Duty Policy Team, the Financial Services Tax Directorate of HM Treasury and the stakeholders listed below:
|Martin walker||ADE tax|
|Janette Sawden||Association of investment companies|
|Holly bradley||Baker & McKenzie LLP|
|Sean Randall||Blick Rothenburg|
|Kate willis||Chartered Institute of Taxation|
|Sacha dalton||Chartered Institute of Taxation|
|Laura Mullarkey||Cleary Gottlieb Steen & Hamilton LLP|
|Charlie hodge||Computer sharing|
|Georgina West||Ernst and Young|
|Gordon keenay||FTI Council|
|Asta evans||Goodwin Procter (United Kingdom)|
|Mike Dalton||Grant thornton|
|Steven mcgrady||Grant thornton|
|Adam parry||Hogan Lovells|
|Emily mccarthy||Hogan Lovells|
|Ben eaton||Law Society|
|Isobel d’Inverno||Scottish Bar|
|Pierre Miller||The Miller partnership|
|Kyle rainsford||Norton Rose Fulbright|
|David Halsey||Tax Simplification Office|
|Michel Nguyen||Waterhouse Coopers Award|
|Steve quinn||Sidley austin|
|Jamshed Bilimoria||Slaughter and May|
|Martin worsley||Registrars SLC (Equiniti)|
Terms of reference
Provide a forum in which HMRC and stakeholders can discuss, explain and explore the feasibility and implications associated with modernizing the STS Framework.
The working group will help inform the development of policy proposals as part of a longer-term project with potentially multiple stages of consultation and new legislation.
It will also provide an opportunity for an early review of guidance and information. This will recognize the diverse needs of clients and ensure that changes are clearly explained so that they understand what is expected of them.
All the information and documents that HMRC Shares with the Working Group will be shared on a confidential basis, unless they are already in the public domain or confidentiality restrictions have been expressly lifted. However, external representatives can confidentially consult with other members of their organization in order to provide a truly representative perspective.
Exceptionally, HMRC may wish to consult on something that is particularly sensitive and where premature disclosure could seriously undermine a government initiative or affect business interests. In such circumstances, HMRC may wish to engage with stakeholders on a more limited individual basis and subject to a strict confidentiality commitment.
3. Governance and membership
HMRC The stamp duty policy will provide the chairmanship and the secretariat.
External members of the working group will include representatives from industry and professional bodies representing legal, financial and tax professionals (see list of current members).
Representatives from other regions of HMRC, other ministries and other external representatives may be invited to meetings on an ad hoc basis, as appropriate.
The Task Force is one of many HMRC advisory forums for companies, agents and representative bodies. It is not a decision-making body. Final decisions on policy proposals to be recommended to ministers remain the responsibility of the HMRC in collaboration with those responsible for His Majesty’s Treasury.
Where appropriate, the work may be entrusted to an informal sub-group, formed if necessary by agreement between the members, for a limited period.
Any sub-group set up will report to the entire meeting. As the issues are resolved, the appropriate subgroup will be removed.
The group will generally meet every two months, although this may vary with the agreement of the members.
Draft minutes of meetings will be provided to members within 15 working days of each meeting. Minutes will be anonymized and comments will not be credited to specific individuals.
All members will be invited to each meeting unless a specific sub-group is formed with the agreement of the members. Members are free to decide whether to attend based on the agenda.
The timing and duration of meetings will be flexible, taking into account the agenda and members’ views.
All members will have the opportunity to propose items on the agenda. Agenda items should normally be submitted to HMRC at least two weeks before each meeting. The final agenda and all accompanying documents will normally be published at least one week before each meeting.
The functioning, mandate and composition of the working group and its sub-groups may be periodically reviewed by the chair to ensure that it continues to achieve its goals and objectives.
These terms of reference, along with the name and organization of each stakeholder, will be published on GOV.UK.
Because discussions and meeting documents are used to inform the development of active government policies, minutes are not posted on this page. However, the resulting policy proposals will be posted on GOV.UK for formal consultation at future tax events.