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ESMA / ASIC and Tax

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Guest 123ABC

Given the ESMA regulation margin restrictions, I recently opened an IG account in Australia to trade CFDs

However, it appears similar margin restrictions are being considered in Australia under the ASIC regulation.

So, it appears the next option is to open an IG account Switzerland.

From what I gather, if you're an private investor and not a professional, GCT (Capital Gains Tax) is not applicable in Switzerland.

So, as a UK citizen, if I trade CFDs with an IG  account in Switzerland, will I no longer be liable to pay CGT on profits?

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On 02/11/2019 at 20:15, Guest 123ABC said:

Given the ESMA regulation margin restrictions, I recently opened an IG account in Australia to trade CFDs

However, it appears similar margin restrictions are being considered in Australia under the ASIC regulation.

So, it appears the next option is to open an IG account Switzerland.

From what I gather, if you're an private investor and not a professional, GCT (Capital Gains Tax) is not applicable in Switzerland.

So, as a UK citizen, if I trade CFDs with an IG  account in Switzerland, will I no longer be liable to pay CGT on profits?

Hey @123ABC Thanks for your feedback message. 

You're correct ASIC have brought in some new margin rules for retail clients. 

With regards to UK residents opening accounts in Switzerland, we're unable to give you answers to any tax related questions. Sorry, you will have to contact an independent tax advisor for this information. 

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On 02/11/2019 at 20:15, Guest 123ABC said:

So, as a UK citizen, if I trade CFDs with an IG  account in Switzerland, will I no longer be liable to pay CGT on profits?

What happens in Vegas stays in Vegas :D

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Guest qwerty

If I'm a UK citizen with an IG Australia account, do I pay tax on CFD gains twice? Or do I pay tax just once in the UK or Australia?  

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19 hours ago, Guest qwerty said:

If I'm a UK citizen with an IG Australia account, do I pay tax on CFD gains twice? Or do I pay tax just once in the UK or Australia?  

Although we offer the products we're not tax regulated so we're unable to answer this. I know it's frustrating but you would have to contact an independent tax advisory regarding this. 

Sorry :( 

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Guest asdfg

@CharlotteIG : you mentioned that "we're not tax regulated" —does that mean if I exceed my CGT allowance (which is £12K for 2019/2020), IG in either UK, Australia and Switzerland won't automatically notify the HMRC on my behalf? 

I was under the impression that if the CGT allowance was exceeded, IG was required to pass this info on the HMRC...?

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7 hours ago, Guest asdfg said:

@CharlotteIG : you mentioned that "we're not tax regulated" —does that mean if I exceed my CGT allowance (which is £12K for 2019/2020), IG in either UK, Australia and Switzerland won't automatically notify the HMRC on my behalf? 

I was under the impression that if the CGT allowance was exceeded, IG was required to pass this info on the HMRC...?

Apologies for my wording there we're not regulated tax advisers.  We don't notify the HMRC on behalf of clients. We can provide yearly statements that you can use to declare tax if you need to. 

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8 hours ago, Guest asdfg said:

@CharlotteIG : you mentioned that "we're not tax regulated" —does that mean if I exceed my CGT allowance (which is £12K for 2019/2020), IG in either UK, Australia and Switzerland won't automatically notify the HMRC on my behalf? 

I was under the impression that if the CGT allowance was exceeded, IG was required to pass this info on the HMRC...?

 

You might be thinking of ISAs.

Anyway - speak to an accountant.

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