On 2 March 2017, the Office of Tax Simplification (OTS) published a progress report on its review of stamp duty on paper transactions, following the launch of the review at the end of 2016.
Essentially the OTS has identified two possible solutions to address the current “disproportionately unwieldy” physical stamping process:
• The parallel approach of digitising the stamp duty process, to sit alongside SDRT, or
• The merged approach of abolishing paper stamp duty and creation of an “umbrella” SDRT. The OTS seeks views on a number of areas in connection with its review, by 31 May 2017.
The progress report can be viewed here.