UK Establishes New PISCES Stock Market Including Certain Tax Advantages

UK HM Treasury has announced the approval of legislation to establish a new type of stock market for private companies, the Private Intermittent Securities and Capital Exchange System Sandbox (PISCES). The PISCES legal framework is established by the Financial Services and Markets Act 2023 (Private Intermittent Securities and Capital Exchange System Sandbox) Regulations 2025, which enter into force on 5 June 2025.  

The new stock market will offer certain tax advantages to employ…