Cavendish chair: Stamp duty tax should be applied to crypto to encourage equity investing

• Lisa Gordon, Cavendish chair, said it “should terrify” us that over half of over-45s own crypto and no equities
• Gordon describes owning crypto as “a non-productive asset”
• Only 18 companies floated on the London Stock Exchange, according to an EY report

The UK should apply a stamp duty tax on crypto to encourage British investors to buy shares, which would boost the economy.

That’s according to List Gordon, chair of investment bank Cavendish. Speaking to The Times she said: “It should terrify all of us that over half of over-45s own crypto and no equities,” adding: “I would love to see stamp duty cut on equities and applied to crypto.”

Gordon believes investors should invest in shares. In her opinion, this would encourage more companies to list on the London Stock Exchange (LSE) and help boost the UK economy. This is unlike the crypto market, which Gordon described as “a non-productive asset.”

“It doesn’t feed back into the economy. Equities provide growth capital to companies that employ people, innovate and pay corporation tax. That is a social contract. We shouldn’t be afraid of advocating for that.”

Presently, the UK places a 0.5% stamp duty tax on shares listed on the LSE, helping to bring in £3 billion, around $3.9 billion, each year for the exchequer.

Crypto ownership in the UK

A 2024 research note from the UK’s Financial Conduct Authority (FCA) found that 12%, or seven million, UK adults now own crypto assets.

An increasing number, it found, are also considering crypto assets as part of “a wider investment portfolio.” Significantly, 26% of UK adults bought crypto assets in 2024 through long-term savings, an increase from 19% in 2022.

Gordon, who is a member of the Capital Markets Industry Taskforce – which is working on boosting the market – believes it’s important that the public understands “why the capital markets are so fundamental to financial wellbeing, social cohesion and economic growth.”

Views like this come at a time when only 18 companies floated on the LSE and 88 companies left in 2024. There have only been four listings so far in 2025.

According to Gordon, the British public has switched their views from investing to saving, which “is not going to fund a viable retirement.”