Anyone trading in the UK?

Discussion in 'Retail Brokers' started by forestfire, Dec 10, 2007.

  1. I'm looking to start daytrading UK & US stocks and want to set up with a UK based broker.
    IB looks like a good outfit to me -but I'm new to stocks so I'd appreciate any advice.
    Who is the best cost/ service / speed wise?
    Any recommendations?

    (Also -any good websites for information/discussions?)
  2. Before opening an account at a UK stockbroker, think about the stamp duty (an extra charge on top of the commissions). That's why CFDs are so popular in the UK (even if the marketmakers are betting against you)
  3. gfrost


    I trade in the UK and use IB, they are very good, but don't expect them to nurse you through your trades. The customer support is maybe the worse part of IB, which might be a consideration for a new trader.
    ghost typer is correct you will have to pay an extra 0.25% stamp duty buying UK stocks but this only applies to UK stocks, not futures or forex or US shares.
    A good web site to start off with is
    and of course

    Good Luck
  4. HOBO


    Is there any stamp duty for buying UK stock option puts on LIFFE exchange?
  5. JJ2


    A poster by the screen name of romik once said that futures were not taxed under current UK securities law.

    Being U.S. based, I personally know nothing about this, but if you send him a PM or question a UK tax accountant about it I am sure you can get some better information about it.

    If this is indeed true as stated, this is pretty much a goose that laid the golden egg situation, and should be taken advantage of if possible by any UK trader.

    Good trading,

  6. gfrost


    Good question Hobo, I decided to do a search and came up with this:

    For those of you who hate trawling through documents it says this on page 7

    "Stamp Duty1. Stamp Duty/SDRT is not payable on equity futures and
    options that are available through Bclear. It is payable on the delivery of UK
    shares resulting from the exercise of such options, unless the buyer is
    registered as an options intermediary.The current Stamp Duty/SDRT reliefs
    for options intermediaries apply to the exercise of options that have been
    confirmed via Bclear"

    So it looks like the answer is no unless you exercise the option.
    I trade FTSE futures traded through LIFFE and I can say for sure there is no stamp duty on Index futures.
  7. Only stocks attract stamp in the UK
  8. rogcas


  9. I started and spent 10 yrs at GNI they were great to work for though they have been bought by Man still doing well. Not sure what the reatil is like these days though but it was GNI who first really developed and marketed CFD's
  10. rayl


    I use IB in the UK. Beware of the stamp tax -- hard to trade LSE stocks actively.
    #10     Dec 13, 2007