Following proposals by HM Treasury in February 2007 to modernize stamp duty relief on the trading of shares, the Financial Services Authority (FSA) published a discussion paper on July 5 to consider potential issues raised by FSA's oversight of markets for multilateral trading facilities (MTFs).

HM Treasury is extending tax relief available for intermediaries trading shares admitted to a regulated market, including over-the-counter (OTC) trades. The tax relief aims to ensure a single sale is not subject to multiple charges. HM Treasury is also considering extending the relief beyond regulated markets to shares trading on MTFs.

The discussion paper invites comments by September 7.