Even if spread betting is supposedly "tax free" the commission you pay is huge so it doesn't help you much out there (there's nothing on HMRC's website about this...) The only way you can avoid to pay taxes is to move to another country, such as Malta or Portugal. This means you can't be in the UK more than 90 days a year, otherwise you'd still pay taxes in the UK. ISAs and other on-shore tax-friendly structure always end up being more expensive than your tax bill.
yep agreed i do some spread betting as I have other non trading income but you get hammered on the spreads and charges. Also you can only feasibly trade outrights via spreadbetting, I do a lot of future spreading so it has to be DMA.
Yes likewise in the UK you can trade under a SIPP structure. You cannot access the fund until age 55 though and when you do access the fund a maximum 25% is tax free the remaining 75% is taxed as income.
This thread talks about Singapore which is known as the Switzerland of Asia. It is ideal for investors. Don't even need to think of ways to beat the system of tax slavery on your futures capital gains. Not paying taxes on gains is legal in Singapore. Zero capital gains tax. https://www.elitetrader.com/et/threads/singapore-the-switzerland-of-asia.309618/
Malta looks great. I just checked and you don't pay tax on foreign sourced income as long as you don't remit it to a Malta based bank account. That is sweet. I am sure people get inventive on ways to spend their foreign income in Malta without remitting it.
Yeah the words were strong but it is so frustrating what is happening in the UK. Personally I believe in small government and a small welfare state. If someone is badly disabled for example they should be fully looked after however we have a significant % of the population here who are out for everything they can get. I would prefer have a zero tax environment and pay privately for education & medical.
There is futures prop trading in Gibraltar. I expect that is very low/no tax. The traders live in Costa del Sol and commute. http://investor.cmegroup.com/investor-relations/releasedetail.cfm?ReleaseID=159429 https://www.admisi.com/admisi-global/gibraltar
It's not just taxes on futures gains. U.K has the most ridiculous and highest stamp fee on stocks in the world. 0.5% stamp fee on every stock transaction. They should be nicer to investors after Brexit. Otherwise, the financial hub status will be lost to Frankfurt pretty soon.