By Alex Glenn • 19 April 2022 • 16:01
Credit: UK Gov
The Government announced on April 19 that the: “UK’s tax authority, HM Revenue and Customs (HMRC), has today announced its intention to revoke the Moscow Stock Exchange’s (MOEX) status as a recognised stock exchange.
“This means investors will not be able to access certain UK tax benefits in future when trading securities on MOEX, although existing investments will be protected.”
The UK has already placed numerous sanctions on Russia due to its onslaught against Ukraine.
Financial Secretary to the Treasury, Lucy Frazer, commented: “As we continue to isolate Russia in response to their illegal war on Ukraine, revoking Moscow Stock Exchange’s recognised status sends a clear message – there is no case for new investments in Russia.
“Recognised stock exchange status is a classification given by HMRC for tax purposes, on application, to qualifying stock exchanges. Securities traded on a recognised stock exchange are eligible for certain tax treatments and reliefs.”
She went on to add: “HMRC proposes to remove MOEX’s recognised stock exchange status, limiting access to certain UK treatments and reliefs for future investments in securities traded on MOEX. Access to those treatments and reliefs for existing investments will remain unaffected.”
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Originally from the UK, Alex is based in Almeria and is a web reporter for The Euro Weekly News covering international and Spanish national news.
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