Following a short consultation, the designation of the Moscow Exchange (“MOEX”) as a recognised stock exchange was revoked earlier this month (from 5 May 2022) via a revocation order. This limits the ability of anyone who invests in assets traded on the MOEX to access certain UK tax reliefs which are contingent on the exchange being recognised.
For example, as a result of the order, Stamp Duty Reserve Tax will be chargeable on depository interest transactions from the date of revocation. However, it should be noted that the order does preserve the status of existing investments for existing investors meaning they will continue to be treated as investments on a recognised stock exchange for UK tax purposes.