UK: New stock market for private companies with stamp duty exemptions

Legislation establishing Private Intermittent Securities and Capital Exchange System (PISCES)

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September 15, 2025

The UK Treasury on May 15, 2025, published legislation establishing the Private Intermittent Securities and Capital Exchange System (PISCES), a new stock market for private companies with exemptions from stamp duty and stamp duty reserve tax.

The Financial Services and Markets Act 2023 regulations outline PISCES, set to begin share trading in autumn 2025, with the Financial Conduct Authority to issue rules post-June 5, 2025.


For more information, contact a KPMG tax professional in the UK:

Michael Hope | michael.hope@kpmg.co.uk

Fiona Cole | fiona.cole@kpmg.co.uk

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