Can we avoid "stamp duty tax" ?

[Linas1976]

Hello everyone, I just bought my first stock of Bellway shares through Hargreaves&Lansdown broker. So I been charged with 0.5% of stamp duty tax. They said if I trade shares of companies registered in Jersey I can avoid this tax, but they don't have a list of those companies. Want to ask if anyone knows how or where to find such a list? My trade became very expensive - £50 tax + £12 to buy + £12 to sell + £1 levy = £75 per trade (( (paid £10K for shares)

 

[Lightning McQueen]

I am doubting you'll be able to find a list for free. I believe you can buy lists from the jersey authorities, what type of lists they offer I have no idea but check out jerseyfsc.org

what you could do is check their registry with name of the company you're interested in buying shares, if they are registered in jersey it will pop up.

for example british American tobacco are jersey registered, as are hsbc, Barclays etc etc.

 

[Linas1976]

Nice one Lightning, how did you find out these three are registered in Jersey? Would be nice to find many more companies from there...

 

[NVP]

lets face it ..............its probably best to take your medicine ..............future goverments will come for you no matter what so pay some now to avoid the bloodhounds later

N

 

[evertontrader]

Use a cheaper broker... iweb (£5 each side) or IB...Or you can open the same position via a spread betting account depending on your time horizon.

 

[VeerTrade]

I know in the UK they are cracking down on tax avoidance in the Channel Islands due to the recent events in the Swiss HSBC accounts.

I am not sure whether it will impact you but just to make you aware.

I would use a cheaper broker or just take the hit