Quote from Sky123987:
any here's even the worst thing...
If you have no interest in day trading, wouldn't you want to pass this? I mean let's be honest day trading really provides no value for the economy (other than providing liquity) Now others may say that this is extremely important, which I agree it is, however if you wanted to buy a stock for the long term in Britain, I'm sure you'd be fine given their liquity.
The more and more I think about it, is it I have no bias towards day trading, passing this makes sense to me.
Wider spreads and lower volumes (along with the cost-boost via the tax) hurt everyone who uses the markets - investors pay more to get in and out, find it harder to shift size; companies pay a higher cost of capital due to less liquidity. Income from daytraders & speculators disappears, which will offset much if not all of the income tax charged on daytrading gains. Lower participation in the markets reduces tax receipts from capital gains etc.
Basically it will probably net lose revenue, and screw the markets into the bargain.