Stamp duty exemption makes covered warrants cheaper deal

The Inland Revenue has exempted covered warrants from stamp duty, making the vehicle cheaper than either trackers or ETFs.

The warrants, which became available on the London Stock Exchange (LSE) on 23 September, are being offered on a broad range of blue-chip companies, sector baskets and both UK and overseas indices.

Unlike tracker funds and ETFs, covered warrants do not charge a management fee, so for investors who want exposure to an index they may be the cheapest route, as they do not have

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