UK tax service will revoke the status of the Moscow Exchange

The UK Revenue Service (HMRC) intends to revoke the status of the Moscow Exchange as a recognized stock exchange due to the February ban on brokers from selling assets at the direction of non-residents of the Russian Federation. About it says in a document on the agency’s website.

Read Also: The Securities and Exchange Commission (SEC) risks violating the Administrative Procedure Act

In the future, investors will not be able to access certain UK tax benefits when trading securities on the Russian market, and existing investments will not be affected.

“Today, HMRC began a two-week consultation that will include a draft recall order. We await comments from any interested parties before a final decision is made,” the document says.

Since February 28, the Bank of Russia has temporarily banned brokers from selling securities on behalf of non-residents. Moscow Exchange complied with this ban.

If the restrictions imposed by the Moscow Exchange on non-resident investors remain in place, HMRC will issue a withdrawal order, after which it will come into force.