Do we have to pay the stamp duty by trading with nteractive broker?

terryzz5

Junior member
45 2
I'm going to open an IB account and start to trade with it, however I'm not sure whether I need to pay the tax or not? I'm in UK.

If I have to pay, is there anyway to avoid paying it? Open a offshore account?

Any advises, please.

thanks in advance.:)
 
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Is it possible to avoid paying the tax by letting money sit in offshore islands?

Not that I'm aware of.
Even stamp duty on real estate can't avoid stamp duty by being offshore.
What they do is buy with a BVI co. usually, then transfer the shares.
 

Lee Shepherd

Senior member
2,164 571
Is it possible to avoid paying the tax by letting money sit in offshore islands?

Or just pay your taxes due like every other normal and decent citizen in the U.K.

Its comments like this from wannabe traders that give traders a bad name with the majority of good honest hard working people.

If everyone uses these schemes (although I think scams would fit better) then how do we pay for health care, education, internal/external protection, pensions etc. Do the moral thing and support this great country instead of trying to flout the tax laws for your own selfish benefit.

If you do not wish to support this country then emigrate and go to another one.

There you go, that's my 5 quids worth.

Happy Monday all, lets get this week off to a good one. :)

Lee
 

Dameon

Junior member
31 1
Just pay your taxes, what you are trying to avoid is just small chunk, instead use the energy to make some pips trading
 

terryzz5

Junior member
45 2
Or just pay your taxes due like every other normal and decent citizen in the U.K.

Its comments like this from wannabe traders that give traders a bad name with the majority of good honest hard working people.

If everyone uses these schemes (although I think scams would fit better) then how do we pay for health care, education, internal/external protection, pensions etc. Do the moral thing and support this great country instead of trying to flout the tax laws for your own selfish benefit.

If you do not wish to support this country then emigrate and go to another one.

There you go, that's my 5 quids worth.

Happy Monday all, lets get this week off to a good one. :)

Lee

Thanks, Lee. I'm proud to be able to support this country. But I'm just about starting this business. I'm too weak now, no employees, no office. trying to cut as much costs as I can.

BTW, how much is trading stamp duty rates?
 
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tar

Legendary member
10,443 1,313
0.5% of the profits?

Are you asking about stamp duty for UK shares , or CGT ( Capital Gain Tax ) ? big difference , for the stamp duty , you will pay 0.5% of the purchasing amount when you buy UK shares , minimum is 5 quids , so for example : you bought 1000 A shares at a price of 250 pence , then you will pay 12.5 quids . Maybe you should give your broker a call to get more details ...
 

terryzz5

Junior member
45 2
Are you asking about stamp duty for UK shares , or CGT ( Capital Gain Tax ) ? big difference , for the stamp duty , you will pay 0.5% of the purchasing amount when you buy UK shares , minimum is 5 quids , so for example : you bought 1000 A shares at a price of 250 pence , then you will pay 12.5 quids . Maybe you should give your broker a call to get more details ...

tx, it's a bloody high rate to traders .... I'm going to trade CME futures. Do I need to stamp duty as well?
 

D70

Established member
839 195
tx, it's a bloody high rate to traders .... I'm going to trade CME futures. Do I need to stamp duty as well?

Suggest you start trading and figure out at the end of the year if you owe anything. Most likely, you'll be able to offset your losses against other income.
 
 
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