UK tax service will revoke Moscow Exchange’s status

New Delhi: UK authorities intend to revoke the recognized stock exchange status from the Moscow Exchange, HM Revenue & Customs (HMRC) said in its statement on Tuesday.

“The UK’s tax authority, HM Revenue and Customs (HMRC), has today (19 April 2022) announced its intention to revoke the Moscow Stock Exchange’s (MOEX) status as a recognized stock exchange,” the authority said.

“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,” it added.

“Recognized stock exchange status is a classification given by HMRC for tax purposes, on application, to qualifying stock exchanges. Securities traded on a recognized stock exchange are eligible for certain tax treatments and reliefs,” the tax authority said.

HMRC started a two-week consultation with a draft revocation order enclosed and invited comments from stakeholders before the decision is finalized, it added.

(Vinayak)