LSE commision/stamp duty from outside uk?

[Mom0/pH0x]

ok, i am very interested in scalping LSE shares, my question is whether or not the stamp duty will apply to somone who is 1)trading intra day through a direct access custody system and is 2) outside of the uk

in my brief conversation with the firm they said that the only transaction cost was 1.1 gbp per fill regardless of size, he never mentioned the stamp duty... i will be trading either from the usa or montreal.... any imput from anyone? thanks in advance...

 

[in2uxs]

UK stamp duty only applies if you live in the UK, and buy shares that are listed on the UK stock market. If you live in the UK and buy shares that are listed in other countries then you don't pay the UK rate.

Stamp duty only applies to shares as well - if you open up a CFD account or spreadbetting account then this is stamp duty except.

 

[Jack o'Clubs]

in2uxs is half-right. Unfortunately as a US investor, you still have to pay SDRT, in the same way that a non-dom, non-res buying a property in the UK would pay SDLT.

But he's right that there are ways around it, such as trading using CFDs, or even if you're looking at large-caps, US listed ADRs.

 

[brynno]

I currently live in Belgium (hence the flag), and plan to daytrade UK shares;
will I need to pay "stamp duty" or an equivalent?
or anything else that I might not have thought of?
thanks

 

[banmark]

If you live in the UK and buy shares that are listed in other countries then you don't pay the UK rate.
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[blackberry8100]

Marked! I will check it later!thanks a lot.
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[Strangelydifferent]

Back to the UK, and the right thread this time....
Does "everyone" who is based in the UK and trading UK shares pay stamp duty or does it just apply to individuals, not companies or partnerships?
It seems difficult to imagine how folks could successfully scalp whilst chuicking 0.5% of their capital away each time. What do city firms do?

 

[ns1000]

Back to the UK, and the right thread this time....
Does "everyone" who is based in the UK and trading UK shares pay stamp duty or does it just apply to individuals, not companies or partnerships?
It seems difficult to imagine how folks could successfully scalp whilst chuicking 0.5% of their capital away each time. What do city firms do?

It applies to everyone unless they have an exemption - such as the purpose for buying is to hedge a derivative transaction.

Basically, you can't avoid it unless you trade CFDs or similar, if you're an individual.

 

[Strangelydifferent]

Ok, thank you.
I'm guessing that most large institutions have "an exemption", i.e. stamp duty maybe essentially a voluntary tax paid by those of us that don't know how to get an exemption. So, maybe one needs to make a number of arrangements, e.g. like trading through a limited company and hence "not being an individual". Then, what kind of broker would I have to go to and what evidence or licence would I need in order to be recognised as being exempt?