Labour 2019 Manifesto and FTT

Just to add some numbers to the above question. It would appear that this tax could be as much as 0.06% of the nominal value of a forex contract. Needless to say the financial implications of that would be ruinous and mean that, unless I've got my maths terribly wrong, break even on a trade would no longer be entry plus spread plus comms, but entry plus spread plus comms plus 6 pips?
 
I can't disagree with that! It's a genuine concern though for a lot of independent intra-day traders as the costs will become prohibitive. I think my average pip profit on the majors is around 18 pips. Under the Labour plans their FTT will take 30% of that. Obviously the simple solution would be to start taking longer terms trades but it's still a huge amount of additional tax to pay.......
 
Bloodhound said:
I can't disagree with that! It's a genuine concern though for a lot of independent intra-day traders as the costs will become prohibitive. I think my average pip profit on the majors is around 18 pips. Under the Labour plans their FTT will take 30% of that. Obviously the simple solution would be to start taking longer terms trades but it's still a huge amount of additional tax to pay.......
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On a more serious note I would expect the ingenuity and resourcefulness of FX providers and traders to outwit and overcome the wonky thinking of our comrades re-emerging from the 1970s. Being a good trader is not for dimwits and straitjacketed thinkers.
 
Very true but when one looks at who advised them on the FTT I think there is potential that they may have crossed all the T's and dotted all the I's. I certainly don't agree with the motivation behind FTT but I can understand why it appeals to them and I fear that we may just be seen as acceptable collateral damage.
 
Labour have always been dominated and paid for by the Unions. Basically anti business. They swing the pendulum imho too far the other way. Their ridiculous policies of re-nationalising the Post Office, railways etc has been given a good try in the past and failed miserably. So I can't vote for their madness. The Tories ( Scottish brigands ) are too far to the right and encourage the billionaires to get even richer while the poor starve. I can't vote for that greedy lot. Which leaves me with the no hopers.
A great opportunity for sensible moderates to dominate British politics ! If a leader can be found.
 
Pat494 said:
Labour have always been dominated and paid for by the Unions. Basically anti business. They swing the pendulum imho too far the other way. Their ridiculous policies of re-nationalising the Post Office, railways etc has been given a good try in the past and failed miserably. So I can't vote for their madness. The Tories ( Scottish brigands ) are too far to the right and encourage the billionaires to get even richer while the poor starve. I can't vote for that greedy lot. Which leaves me with the no hopers.
A great opportunity for sensible moderates to dominate British politics ! If a leader can be found.
Click to expand...

We certainly live in interesting times. The other day at a dinner party I was surprised to find myself as a centre right, Europhile, conservative being accused of being a communist.......
 
Bloodhound said:
We certainly live in interesting times. The other day at a dinner party I was surprised to find myself as a centre right, Europhile, conservative being accused of being a communist.......
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Yes well don't worry about it. Stick to your principles whilst the other side disappear up their own rectums. They will eventually learn that success only comes to those that put in sustained effort.
 
High time the Socialists got rid of the geriatric old loony and pulled away from narrow Union issues. From Michael Foot to Gordon Brown the so-called Socialist party have pulled this country down into the gutter. But to be fair the Tories have done little better. Tony Blair selfishly broke the Lefty mould and is probably a billionaire by now. Quite how he pocketed all those millions we are not told but one can guess. Were his tax returns ever made public ? Not that I recall.
 
Labours opinion towards traders and anyone else trying to do a profitable days work is hardly sympathetic .....so my advice is join the public sector if they win .....you will,have a job for life and have to do f*ck all...
 
Pat494 said:
High time the Socialists got rid of the geriatric old loony and pulled away from narrow Union issues. From Michael Foot to Gordon Brown the so-called Socialist party have pulled this country down into the gutter. But to be fair the Tories have done little better. Tony Blair selfishly broke the Lefty mould and is probably a billionaire by now. Quite how he pocketed all those millions we are not told but one can guess. Were his tax returns ever made public ? Not that I recall.
Click to expand...

I actually was getting quite comfy with new labour until they self destructed ......which was always going to happen ....

All,parties now are a joke ......so I’m down to voting for people in the future over parties

now all I need is to find someone I admire in politics ......

Ummm

Anyone ?
 
Bloodhound said:
We certainly live in interesting times. The other day at a dinner party I was surprised to find myself as a centre right, Europhile, conservative being accused of being a communist.......
Click to expand...

That’s better than my track record that normally revolves around someone calling me a capitalist planet hating nazi that is bringing the world to it’s feet ......as I am a currency trader .........

I don’t get out,much there days .....
 
The history of the Kibbutz movement in Israel is interesting. It started off as a Socialist pie-in-the-sky movement but began falling apart in the 1980s. It is mostly been privatised now and going strong. They are very willing to help business start ups with money and advice etc. All employees including management are paid the same !! NB Western fatcats !!
 
Bloodhound said:
Hello,

Does anyone have any definitive advice, either from their brokers or tax advisers etc., on what the likely financial impact for UK-based independent FX traders of Labour's planned FTT, as outlined in their 2019 manifesto? Here's a link to the document and the section dealing with the FTT starts on page 35 - https://labour.org.uk/wp-content/uploads/2019/11/Funding-Real-Change-2019.pdf

Thanks in advance for any input.
Click to expand...
 
NVP said:
That’s better than my track record that normally revolves around someone calling me a capitalist planet hating nazi that is bringing the world to it’s feet ......as I am a currency trader .........

I don’t get out,much there days .....
Click to expand...
You may not get out much NVP but you do manage to rattle the bars a bit
:)
 
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