Tuesday, April 23, 2013

Tobin's FTT is already here in the UK

Not the serial killer © fintag

News comments:
The last time I bought some UK equity there was a tax to pay. So not sure what all this Tobin FTT tax moral panic is all about.

Stamp duty (hmrc) is payable and has been for years (since 1986 at least). It stands at a hefty 50bips and you can pay up to 150bips. Such a Tobin tax has created volatility and a market in tax avoiding securities such as CFDs so beloved of spreadbetters. So I dont know what all the Tobin FTT fuss is all about. France tried it and they raised enough revenue to fund Hollande's illegal mistress trips to Bond Street.

If an FTT is introduced there will be ways round it. I can think of a few already and I am sure ICAP (IAP.L) have some lined up to.

The whole debacle is a nasty political attack on the UK because unlike Stamp Duty which goes to the Treasury to pay for civil servants pensions, the FTT will go off to fund some non elected eurocrats lunch expense account.

Another nail in the EU coffin. Time to vote for UKIP ...

Today's shorts:
Italy says no (ea)

Today's longs:
UK lawyers look to another good year (lawyers)

Gossip:
Bitcoins to be taxed (not sure how but the EU will try)



6 comments:

Anonymous said...

Obviously, you are not an equity guy. Stamp duty is easily avoided via swap with your Prime broker. FFT tax is leveled at settlement level and is much harder to circumvent.

Rick Lost said...

Actually, investors should be looking to hold more UK equities. A few years ago, there was a lot of negativity towards UK equities. Now the situation is quite opposite. With the right strategy, investors can profit from global economic trends by investing in UK stocks, and in particular from UK stocks with a domestic focus. If investors lack funds for holding more equities, they might apply for SterlingStore in name. It might be you time- and money- saving decision.

addirigib said...
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