UK TO REVOKE MOSCOW STOCK EXCHANGE’S RECOGNISED STATUS

Tue 19 April 2022:

The United Kingdom announced on Tuesday that it intends to revoke the Moscow Stock Exchange’s (MOEX) status as a recognized stock exchange.

The move is part of the UK, US, and other Western partners’ continued attempts to boost pressure on Russia to end its war in Ukraine.

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.

Financial Secretary to the Treasury, Lucy Frazer, said:

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.

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.

SOURCE: INDEPENDENT PRESS AND NEWS AGENCIES

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