HM Treasury revealed it will lay out secondary legislation for the implementation of the Private Intermittent Securities and Capital Exchange System (PISCES) in May 2025.
As part of the Spring Statement documents, it revealed that trading is expected to begin later in the year. Following the unveiling of the secondary legislation, the Financial Conduct Authority will publish its rules and establish the PISCES Sandbox. Additionally, HM Revenue & Customs (HMRC) has provided some clarity on the tax implications associated with trading on the private exchange, after issues were raised in response to the consultation last year. In 2024, during the Autumn Budget, it was revealed that PISCES transactions will be exempt from stamp duty and stamp duty reserv...
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