London: 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 move comes alongside the unprecedented sanctions the UK Government has placed upon Russia because of their illegal invasion of Ukraine.
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.