The UK Takeover Panel is increasing the levy it imposes on share purchases in an attempt to climb out of a funding deficit.
The Takeover Panel, which is an independent regulatory body operating under the authority of the UK Companies Act, will increase the Panel on Takeovers and Mergers levy (PTM levy) from 100p to 150p for all securities trades above £10,000.
“In recent years, lower levels of market activity have resulted in the Panel operating at a deficit,” it said in a regulatory statement.
“The Panel has already taken steps to improve its financial position by introducing operational efficiencies and increasing document charges.
“Following discussions with trading venues and several member firms, this increase will be effective in respect of trades in securities from Monday, 2 December 2024 until further notice.”
This is the first time the Panel has increased the levy, which is typically collected by City brokers, since 2002, when the levy was increased from 25p to 100p.