Back to today’s briefing

Story perspectives

AstraZeneca's NYSE Listing Sparks Stamp Duty Debate

11/4/2025

23 5

Summary

Story summary

AstraZeneca's proposal to list its shares directly on the New York Stock Exchange won 99% support.
The move would let U.S. investors buy shares directly while U.K. buyers receive depositary interests, avoiding stamp duty.
The UK Treasury could lose about £200 million annually, exposing flaws in the stamp duty system.
Chancellor of the Exchequer Rachel Reeves is urged to reconsider the tax, with reform boosting London's competitiveness.

1 of 1

Story summary

AstraZeneca's proposal to list its shares directly on the New York Stock Exchange won 99% support.
The move would let U.S. investors buy shares directly while U.K. buyers receive depositary interests, avoiding stamp duty.
The UK Treasury could lose about £200 million annually, exposing flaws in the stamp duty system.
Chancellor of the Exchequer Rachel Reeves is urged to reconsider the tax, with reform boosting London's competitiveness.