You may also want to try this variation: forecast = (interest rate - very long moving average of interest rate for that country) GAT
Thanks for your reply. I've already came across your link. I guess my question was stated vaguely. Let me retry. For sake of simplicity let's consider a UK listed ETF domiciled in Ireland investing in US equity. I do agree that you don't pay any Irish withholding tax. By declaring them on your tax form you only pay UK tax on them. However, you don't get 100% of the distributed dividends. As mentioned in the your link from Deloitte: So the fund gets only 85% of divs on which you then pay zero withholding tax to Ireland as said above. However, this 15% on the Fund level are lost and you pay then taxes on the remaining 85% in the UK, too. Now, at least in my home country (Switzerland) there is the following option: I could directly buy a US listed ETF. This has the advantage of lower minimum order amount (at IB). The US listed ETF pays 0 withholding tax to the US govi. Since there is a tax treaty between US and CH I get charged only 15% withholding tax. This can be done via IB using the W-8BEN form: https://www.interactivebrokers.com/en/index.php?f=tax&p=nonus&conf=am Up to this point we didnt gain anything (except smaller minimum order amount 1USD vs 10CHF). However, I've still lost this 15%. I can reclaim it on my Swiss tax form by getting a tax credit on my next tax bill. After all I really just pay CHF tax on the divs without double taxation. It is quite an administrative effort required. On the other hand I'm obsessed with cost so I think it is worth looking into it. My question was therefore if you weren't aware of such a thing (not sure if you could reclaim the remaining 15% as an UK investor) or if its just not worth the hassle, i.e. stick to Irish domiciled ETF listed on an exchange in your home country. If it is off topic here, let me know and I will remove this post. cheers
In those circumstances I'd get tax relief based on the 15% already paid when I did my UK tax return. Since brokerage statements show the foreign tax paid this is quite easy (easier than filling in a W-8BEN). Note also that under MFID2 it will shortly become much harder to buy many US ETFs from the EU as they don't include the appropriate disclosures (and may not bother do add them if their EU business isn't large enough). Don't know if this applies in Switzerland, or a post Brexit UK, but is a pain for me now. Agree that US tax is a pain; I do some consultancy for a US fund and it's certainly a PITA. GAT
Does anybody here happen to have the daily USD-GBP exchange rate going back to 1960, or know where I could get it at reasonable cost? (Quandl doesn't seem to have it going back so far).
I assume you're an academic (who else cares about data from 1960?). Any of the major vendors will work with you on your data needs for the paper.
Most central banks have good historical data on exchange rates. Try https://www.federalreserve.gov/releases/h10/Hist/ This has daily data from 1971 onwards.
for annual data, you can check measuringworth; has cable since the beginning of time (1791): https://www.measuringworth.com/exchangepound/
Hi guys for iterating through futures contract in a futures chain, do I have to build a static database with the months, expiry dates before I can achieve this ? Is it easier to do this by hardcoding the contract months or writing some formula to get this done?
The approach I took was to scrape the exchange website and parse the HTML table to get the active contracts. I did this to reduce dependency on IB API, but this data is available through the the IB API if you so wish.