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One of the sharper claims in today’s London market debate is that a tax on trading, not fundraising, is now being blamed for weak IPOs.
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One of the sharper claims in today’s London market debate is that a tax on trading, not fundraising, is now being blamed for weak IPOs. In City AM’s report, “The group that represents the UK’s fastest growing fintech companies has called for the government to scrap stamp duty on shares to boost London’s flagging initial public offering market.” It adds that Innovate Finance has urged the Treasury to “ditch the 0.5 per cent levy on buying UK shares.”
The surprise is the target. Stamp duty is a tax on share dealing rather than new issuance, yet it is now being singled out as a brake on flotations.
That argument is coming from Innovate Finance, whose members include Revolut, Monzo and Zilch. The group is pressing the Treasury to remove the 0.5 per cent charge in an effort to improve London’s appeal as a listing venue. For founders and CFOs, that is a competitiveness argument. For creditors, it is a funding-path argument.
For creditors, the useful read-across is not the tax rate itself, but which counterparties depend on equity markets staying open. In our UK monitoring, exposure rises when a fast-growing business also shows capital-bleed signals, delayed filing habits, fresh security being granted, or frequent board changes, because a slower IPO market narrows refinancing options.
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That matters most in businesses that have been priced for expansion rather than cash generation. When public market routes look less certain, the pressure often shows up first in payment discipline, working capital stretch, and tougher supplier negotiations.
If a customer or supplier has presented an IPO as part of its medium-term funding plan, treat that plan as timing-sensitive rather than bankable. Review payment terms, check whether credit limits still reflect current funding conditions, and watch for signs that management is buying time.
A listing delay does not mean distress. It does mean exposure should be ranked more carefully, especially where growth assumptions are carrying more weight than free cash flow. The practical question is simple: if market access stays weak for longer, who pays you, and on what timetable?
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