Is this the combined national + province tax rate?
UK Tax Rates 50%....USA Next ?
- Thread starter libertad
- Start date
Is this the combined national + province tax rate?
If your smart and extremely good at trading though then you can trade from the UK without paying any tax whatsoever!! 
You will have bigger spreads than normal brokers,
but unlike with using brokers you can trade directlt through an SB firm and so elimate the broker as the middleman who you have to deal with.
+all profit is tax free
You will have bigger spreads than normal brokers,
but unlike with using brokers you can trade directlt through an SB firm and so elimate the broker as the middleman who you have to deal with.
+all profit is tax free
Quote from spanish89:
If your smart and extremely good at trading though then you can trade from the UK without paying any tax whatsoever!!
You will have bigger spreads than normal brokers,
but unlike with using brokers you can trade directlt through an SB firm and so elimate the broker as the middleman who you have to deal with.
+all profit is tax free
but ur spreads are so much it is equivalent to us paying taxes....then whats the pt.
i have resigned to the fact that i ahve to pay taxes. ITS OKAY GUYS, money isnt everything, try to leech off the govt as much as possible, thats my advice
lol
It depends on how you trade.
If you scalp for precise amounts of single digits ticks then its not worth it for you.
But if you swing trade/day trade by take out chunks of 60 t 90ticks profit,
you just wont notice an etra 8tick less profit that was paid as spread.
Since if you were trading trhough a broker you could quitely easily cash in 8ticks sooner, but then would pay 30%-50% tax on it.
Even if it may be a cumbersome process (if you're a US citizen it may take up to 10 years and involves relinquishing your citizenship), now is the perfect time to move to low tax jurisdictions in the Caribbean, Switzerland, Monaco, Cyprus etc. in order to protect your wealth for your children. The tax man won't leave the wealthy alone for an entire generation (or two).. until all this toxic junk is paid off.
The new rich
The 50% is only on earnings above £150,000.
On £250,000 or $360,000 gross earnings.
UK
Income tax
0% on first £6,475
10% on next £2,230
22% on next £34,600
40% on next £108,925
50% on the rest
Total income tax paid = £76,492.5 / $112,571
National insurance
11% on first £43,888 = £4,827.68
1% on remainder = £2,061.12
Total tax paid = £83,381.3 / $122,681.98
USA
Federal tax
35% on everything
Total income tax paid = $104,597 / £71,068.75
State tax
6% average = $21,600
Total tax paid = £85,788.96 / $126,197
Then you've got medical insurance on top...
On £250,000 or $360,000 gross earnings.
UK
Income tax
0% on first £6,475
10% on next £2,230
22% on next £34,600
40% on next £108,925
50% on the rest
Total income tax paid = £76,492.5 / $112,571
National insurance
11% on first £43,888 = £4,827.68
1% on remainder = £2,061.12
Total tax paid = £83,381.3 / $122,681.98
USA
Federal tax
35% on everything
Total income tax paid = $104,597 / £71,068.75
State tax
6% average = $21,600
Total tax paid = £85,788.96 / $126,197
Then you've got medical insurance on top...