Maike Currie, vice president of personal finance at PensionBee, said: “Cutting stamp duty on new listings and IPOs for the next three years is a welcome step, but doesn’t go far enough.
“The UK remains one of the few major markets that taxes share purchases, discouraging retail investing.
“The real risk is idle capital – cash sitting on the sidelines earns nothing and contributes nothing to national growth.
“Retail investors who understand the market, engage with UK equities and participate in IPOs can dramatically build wealth while supporting the UK economy.
“To unlock this potential, we need financial literacy, simplified access to public markets, a culture that encourages participation and the abolishment of stamp duty on UK shares.
“Meanwhile, tax rates on dividends, property and savings income will increase by two percentage points, set to raise £2.1 billion for the government’s coffers.
“For anyone serious about protecting their wealth, saving within ISAs and pensions is no longer optional – it’s essential.
“With so much of the UK’s wealth tied up in property, this is a timely reminder that the mantra ‘my property is my pension’ is fraught with risk.
“The introduction of an annual surcharge of £2,500 on properties valued at over £2 million and £7,500 for those over £5 million, could significantly impact the higher-end of the housing market.
“These changes could impact housing market activity and feed through to prices. Falling house prices will test the resilience of the Chancellor’s tenure more than any single policy announcement.”
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