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

[terryzz5]

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.🙂

 

[Liquid validity]

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.🙂

Yes you have to pay it, see notes at end of Europe section:
Commissions

To avoid it, CFD's or Spreadbet, IB offer CFD's:
Interactive Brokers (U.K.) Limited Now Offers Contracts for Difference (CFD) Trading

 

[terryzz5]

Yes you have to pay it, see notes at end of Europe section:
Commissions

To avoid it, CFD's or Spreadbet, IB offer CFD's:
Interactive Brokers (U.K.) Limited Now Offers Contracts for Difference (CFD) Trading

Is it possible to avoid paying the tax by letting money sit in offshore islands?

 

[Liquid validity]

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]

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]

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

 

[terryzz5]

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?

 

[pboyles]

You don't need to pay tax on money you lose.

 

[tar]

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?

I think it is 0.5% for buying UK shares ...

HM Revenue & Customs:Tax on buying shares

 

[terryzz5]

I think it is 0.5% for buying UK shares ...

HM Revenue & Customs:Tax on buying shares

0.5% of the profits?

 

[tar]

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]

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?

 

[tar]

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

No

 

[D70]

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.