Budget 2021: Treasury to land £1.5 billion windfall from retail share trading frenzy

Asia's Tech News Daily

Budget 2021: Treasury to land £1.5 billion windfall from retail share trading frenzy

THE retail share trading frenzy during lockdown that saw thousands of first time investors punt on the stock market is leading to a massive boom in tax revenue for the Treasury.

Buried deep in yesterday’s Red Book, released after the Budget speech, are forecasts for what the Treasury expects in revenue from various taxes.

Stamp duty taxes on shares were £800 million higher than the £3.4 billion previously forecast – a 25% rise. Next year, they expect the figure to be £600 million higher than thought, a near £1.5 billion boon to the government finances.

Share trading platforms such as Hargreaves Lansdown and AJ Bell saw customer numbers and profits rocket during lockdown.

A new breed of investor, often people who had never bought a share before, opened accounts to spend money saved on stocks. Often racy tech shares, such as Tesla, Apple or Wise.

Mark Ackred, founder of online broker dabbl, said: “Increased trading activity amongst retail shareholders through lockdown is set to help deliver a £1.5 billion boost to stamp duty receipts over the next two years. This new wave of enthusiasm from investors shows no signs of letting up.”

While some brokers have reported a slow down as lockdown ended, AJ Bell and St James’s Place last week said customer numbers are still rising.

Around 500,000 new investors have signed up to investment platforms in the last year, many of them workers who were furloughed and looking for ways to occupy their time, research shows.

City spread betting house CMC Markets did report a profit warning in September that sent its own shares into freefall.

CMC itself now plans to move into share trading in the UK – they already offer it down under – in an attempt to lure investors from Hargreaves and AJ Bell.

The Financial Conduct Authority has admitted to concern about the new breed of investor, especially if they have been buying bitcoin. It has warned them more than once that they could lose everything they have invested.

The Tory party has long wanted to see more people invest in shares, and not just via their pensions.

The Red Book figures show they expect that share trading boom to slip next year – but not by much.

The figures also show that HMRC can look forward to £900 million more than it expected from UK oil and gas revenues. That is presumably due to soaring energy prices.

Register now for one of the Evening Standard’s newsletters. From a daily news briefing to Homes & Property insights, plus lifestyle, going out, offers and more. For the best stories in your inbox, click here.

Internet Explorer Channel Network
Asia's Tech News Daily
News Related


Strictly Come Dancing 'wrap party cancelled due to COVID fears'

© Bang Showbiz Motsi Mabuse The ‘Strictly Come Dancing’ wrap party has been cancelled due to COVID fears. Bosses of the Latin and ballroom show are said to have pulled ... Read more »

IPO frenzy on D St: One issue a week since 2020 can't beat three a day in 'roaring 90s'

© Patricia Hou IPO frenzy on D St: One issue a week since 2020 can’t beat three a day in ‘roaring 90s’ The Indian market seems to have gone into ... Read more »

Hybrid potatoes named after Finding Nemo fish to help ‘save on roasting time' this Christmas

© PA Wire New variety of potato A hybrid potato named after the cartoon fish in Finding Nemo could save on roasting time on Christmas Day, according to an expert ... Read more »

Former Liverpool striker Luis Suarez cries on bench after injury for Atletico Madrid

It was a night of mixed emotions for former Liverpool striker Luis Suarez. Unlike the Reds, his Atletico Madrid side went into the final round of Champions League group games ... Read more »

Updated provided on Krystian Bielik's situation at Derby County

© Provided by Football League World krystian bielik Derby County are hoping to welcome Krystian Bielik back to Championship action in January, as per a report from Derbyshire Live. The report ... Read more »

German inauguration: A matter-of-fact event

© Provided by dw.com A tiny twist: Olaf Scholz will be omitting ‘…so help me God’ from his oath When Olaf Scholz takes his oath of office on Wednesday as ... Read more »

COVID: EU now also backs mix-and-match vaccines

© Provided by dw.com Does it make more sense to switch to BioNTech after the first AstraZeneca shot? As of Tuesday (7.12.2021), the European Medicines Agency and the European Centre ... Read more »

Amazon PS5 restock TODAY: Time, date and shopping tips for next major UK stock drop

© GETTY PS5 in stock at Amazon Amazon is next in line to restock the PlayStation 5 console ahead of Christmas. The online retailer doesn’t restock the device often, but ... Read more »

Norway's government is proposing measures to tackle the electricity price crisis. Here are the details

The Norwegian government wants to increase housing benefits by NOK 1,500 a month and increase the social assistance budget to help Norwegians pay their electricity bills. “We propose increasing the ... Read more »

Jammu and Kashmir: Unidentified militant gunned down by security forces in Shopian

© Provided by Firstpost Jammu and Kashmir: Unidentified militant gunned down by security forces in Shopian An unidentified militant was killed in an encounter with security forces in Jammu and ... Read more »

Arthur Labinjo-Hughes' killer dad Thomas Hughes NOT attacked in prison, officials say

OFFICIALS have squashed rumours that the killer dad of Arthur Labinjo-Hughes was brutally attacked in prison over the weekend. Reports surfaced online that monster Thomas Hughes has been “badly injured” ... Read more »

Duque: Compliance with protocols, vaccination will help keep COVID-19 cases low after holidays

Health Sec. Francisco Duque III at Nov. 29, 2021 briefing Compliance with minimum public health standards (MPHS) and high vaccination rates may help keep the country’s COVID-19 cases low even ... Read more »

Video piles pressure on UK's Johnson in lockdown-party saga

FILE – Britain’s COP26 spokesperson Allegra Stratton attends the UN Climate Change Conference COP26 in Glasgow, Scotland, Tuesday, Nov. 2, 2021. A leaked video that shows staff members in British ... Read more »

Dominguez on Bloomberg, Nikkei COVID-19 response rankings: 'I don't pay attention'

Finance Sec. Carlos Dominguez III at Mar. 22, 2021 briefing Finance Secretary Carlos Dominguez III on Wednesday brushed aside the scores given by business publications Bloomberg and Nikkei Asia on ... Read more »

Struggle stalwart Ebrahim's wife remembers him as a caring husband, father

© YouTube screengrab. International Relations Deputy Minister Ebrahim Ebrahim was laid to rest on 8 December 2021. JOHANNESBURG – The wife of the late International Relations Deputy Minister Ebrahim Ebrahim ... Read more »

Estcourt man accused of murdering 6-year-old child to undergo mental assessment

© SAPS. DURBAN – The case involving a man who killed a six-year-old girl in Estcourt, KwaZulu-Natal, has been adjourned to next week Tuesday as he will have to undergo ... Read more »

A bloody roadmap of America's worst murders

The perfect crime rarely is. Even the cleverest killer can slip up somewhere. A footprint in the flower bed, a fingerprint on a doorknob, a strand of hair by the ... Read more »

DepEd Assures Better Education Opportunities So Youth And Adults Can Finish School

The Philippine Department of Education (DepEd) has increased its efforts to help out-of-school Filipinos access better opportunities through the Alternative Learning System (ALS) Program. In an official statement, posted December ... Read more »

Bongbong Marcos camp apologizes over heavy traffic brought by caravan in QC

© UniTeam Alliance Commonwealth Avenue during Bongbong-Sara caravan, Dec. 8, 2021. Photo from UniTeam Alliance The camp of presidential aspirant Ferdinand “Bongbong” Marcos Jr. apologized to the public, especially motorists ... Read more »

Are Vicky Kaushal-Katrina Kaif already husband and wife ahead of royal wedding? Wikipedia profile says so

© Provided by Pinkvilla While the world awaits to see the married couple, Vicky Kaushal and Katrina Kaif, it seems that for their fans they are already married. And, it ... Read more »

Moment boxer sprints from his house in his pants to catch man robbing tools from his car leaving pleading thief in TEARS

THIS is the moment a kickboxer chased down a thief after he was spotted robbing tools from his car on CCTV. Kian Shakouri, 29, sprinted out of the front door ... Read more »

Helicopter crashes with India military chief on board

© SAJJAD HUSSAIN India’s defence chief General Bipin Rawat was on board a helicopter that crashed A helicopter carrying India’s defence chief General Bipin Rawat crashed in the southern state ... Read more »

Salman Khan's stylist Ashley once again confirms actor and his family ‘not invited' to Katrina-Vicky wedding

Katrina Kaif and Vicky Kaushal are just a day away from getting married and spending their lives together. Their selected guests have already reached Hotel Six Senses Fort Barwara in ... Read more »

Bigg Boss 15: Rakhi Sawant confirmed as first finalist; show's extension till February 2022 depends on THESE conditions

© Provided by BollywoodLife.com Bigg Boss 15 has found its first finalist in Rakhi Sawant. The lady has managed to secure a place for herself in the top five of ... Read more »

NHL-Youngster Zegras gibt den Assist des Jahres – und kann es selbst kaum glauben

© Jeffrey T. Barnes/keystone-sda.ch Trevor Zegras (Nummer 46) spielt einen Assist über das Tor zu Sonny Milano. Auch nach einer über 100-jährigen Geschichte der Liga finden NHL-Spieler immer wieder Wege, ... Read more »

Birmingham Commonwealth Games open to allowing Pride flag on podium

FILE PHOTO: Commonwealth Games baton relay launch (Reuters) – Commonwealth Games Federation (CGF) chief executive Katie Sadleir said organisers were open to the idea of athletes bringing the Pride flag ... Read more »

And Just Like That: How to watch the Sex and the City reboot

And Just Like That: How to watch the Sex and the City reboot The premiere of the Sex and the City reboot series, And Just Like That…, is almost upon ... Read more »

No 10 told to ‘come clean' about lockdown-busting party allegations

Boris Johnson is facing calls to “come clean” about an alleged Christmas party at No 10 during lockdown restrictions last year as the Government refused to send a minister to ... Read more »

Meet Akand Sitra who inspires thousands with his missed attempts to crack UPSC

© Provided by DNA We have often read about success stories of UPSC aspirants who overcame various obstacles in life to achieve great feats. But how many of us know ... Read more »

NIA court allows Sudha Bharadwaj bail against cash bond

© Provided by Hindustan Times The special court, however, rejected the 60-year-old activist’s plea to let her to stay in Chhattisgarh and Delhi where she works. (HT Photo/File) A day after ... Read more »

Meta to ban all Myanmar-army controlled businesses from platforms

FILE PHOTO: A smartphone with Meta logo and a 3D printed Facebook logo is placed on a laptop keyboard in this illustration (Reuters) – Meta Platforms Inc, formerly known as ... Read more »

Madhuri Dixit takes us through a quick recap of Sushmita Sen's Aarya ahead of season 2 release; watch

© Provided by Firstpost Madhuri Dixit takes us through a quick recap of Sushmita Sen’s Aarya ahead of season 2 release; watch Fans are eagerly waiting for the second season ... Read more »

Expert Shares Health Benefits Of Eating Gur Paratha During Winter Season

The chilly winter season calls for foods which are warm and nutritious. Among the long list of delicious foods we should all consume during this season is jaggery or gur. ... Read more »

EXCLUSIVE: After 25 years, Venkatesh back in Bollywood with Salman Khan for Sajid Nadiadwala's next

After collaborating on Jeet, Judwaa, Har Dil Jo Pyaar Karega, Mujhse Shaadi Karogi, Jaan-E-Mann and Kick, Salman Khan and Sajid Nadiadwala are all ready for their next film, an action ... Read more »

TNPSC CCS Exam: Phase II counselling dates released on tnpsc.gov.in

Tamil Nadu Public Service Commission has released TNPSC CCS Exam Phase II counselling dates. The counselling dates for Group 4 for the years 2018-2019 and 2019-2020 have been released. Candidates ... Read more »

CDS Gen Bipin Rawat chopper crash: Air Force releases statement, says probe on

The Indian Air Force has ordered an inquiry into the incident in which an Mi-series chopper crashed on Wednesday. Chief of Defence Staff Bipin Rawat was on board the chopper. ... Read more »

TV heartthrob Shaheer Sheikh opens up about playing ROMANTIC characters, says ‘People still remember me as…'

© Provided by BollywoodLife.com Shaheer Sheikh is one of the most popular actors in the Indian television industry. He started his journey on television with Kya Mast Hai Life but ... Read more »

When Sajid Khan called Jacqueline Fernandez nagging and opened up about their break up

© Provided by BollywoodLife.com Jacqueline Fernandez has worked immensely hard to get the success that she now enjoys. In the initial phase of her career, she did films that only ... Read more »

Meet MacKenzie Scott, who is on top of Forbes' list of Most Powerful Women

© Provided by DNA Amazon founder Jeff Bezos’ ex-wife MacKenzie Scott has topped the list of the world’s 100 most powerful women by Forbes. Scott replaced the outgoing German chancellor ... Read more »

On Sri Lankan man's lynching, all of Pakistan reacted…and moved on

© Provided by The Print No one is responsible for lynching a Sri Lankan national in Sialkot on Friday. Absolutely no one. That is the lesson we may as well ... Read more »
On free-english-test.com you will find lots of free English exam practice materials to help you improve your English skills: grammar, listening, reading, writing, ielts, toeic