Internaxx and offshore futures trading

[Gatesy]

Hi,

I've read around a few threads here and haven't really found what I'm looking for but have learned a great deal along the way.

I'm trying to establish what (if any) benefits there are to a UK futures trader using Internax (based in Luxembourg) to trade, rather than say someone like Etrade based in London.

My hope was there would be some tax benefit, but as a UK resident it is clear to me that gains from futures trading anywhere are likely to be taxable as income or capital gain (arguable based on posts here).

My only remaining question I suppose, is there likely therefore to be a benefit of a luxembourg based broker being outside the juristiction of HMRC and not exposed to the disclosure requests agreed by the UK tax authoirites to access offshore account details of UK residents? Any views welcome.

 

[Bagehot]

There are no (legal) benefits. If you were to use an offshore account for evasion (implied in your last para), then HMRC would absolutely throw the book at you in the relatively unlikely event that you were caught (pour encourager les autres, since they know they catch relatively few, they make a real example of the ones they do get hold of). Every now and again they blitz this - ie recently they required UK registered banks to provide names and addresses of people who held offshore accounts with them to cross-ref against tax returns.

 

[pierre969]

What happened was that a large UK Bank held offshore client details on a server in UK for clients in CI and HMG went court to get these and the Law agreed. Blew a big hole in CI confidentiality. Moral of the story is check to see where your offshore broker keeps your client details. Be careful as Fortis owns Internaxx and they were in trouble recently were bankrupt and were nationalised and saved by Govt.

 

[pierre969]

Be careful as Internaxx is partly owned by Fortis which went down the plughole and was nationalised. The bank/ broker where you have your offshore trading account may have been taken over by your Government!!! The same goes for Natwest, Rbos etc etc The world has changed...

 

[pierre969]

Google 'Best Offshore Stock Brokers' and choose the one that's best for you...

 

[Hittfeld]

Google 'Best Offshore Stock Brokers' and choose the one that's best for you...

I am always amazed, that people try to delegate their research (and due diligence) to some phoney search engines.

Regards

Hittfeld

 

[Hittfeld]

Hi,

I've read around a few threads here and haven't really found what I'm looking for but have learned a great deal along the way.

I'm trying to establish what (if any) benefits there are to a UK futures trader using Internax (based in Luxembourg) to trade, rather than say someone like Etrade based in London.

My hope was there would be some tax benefit, but as a UK resident it is clear to me that gains from futures trading anywhere are likely to be taxable as income or capital gain (arguable based on posts here).

My only remaining question I suppose, is there likely therefore to be a benefit of a luxembourg based broker being outside the juristiction of HMRC and not exposed to the disclosure requests agreed by the UK tax authoirites to access offshore account details of UK residents? Any views welcome.

Yes, your trading profits through a Luxemburg broker are subject to UK taxation.
Yes, the taxman will not know of any taxable luxemburg transactions, income or accounts.
Yes, if you brag about or the taxman finds some traces on your computer or in your filing cabinet, he might ask you for a confirmation of that Luxemburg based firm that you hold NO account with them.
No, I wouldn`t choose internaxx, but Saxo or WHS (Clearing through Man).
No, if you hold an US passport or are subject to US-IRS, you won`t get such an account.

Regards

Hittfeld

 

[pierre969]

Yes, your trading profits through a Luxemburg broker are subject to UK taxation.
Yes, the taxman will not know of any taxable luxemburg transactions, income or accounts.
Yes, if you brag about or the taxman finds some traces on your computer or in your filing cabinet, he might ask you for a confirmation of that Luxemburg based firm that you hold NO account with them.
No, I wouldn`t choose internaxx, but Saxo or WHS (Clearing through Man).
No, if you hold an US passport or are subject to US-IRS, you won`t get such an account.

Regards

Hittfeld

And yes if you are a US citizen you can trade Saxo or Man through Investors Europe - Offshore Stockbrokers with online trading platforms for FX, Futures, CFDs, Stocks, ETFs & Spreads: home. Many brokers in Europe will not accpet US clients but this regulated broker will..

 

[pierre969]

And never forget that the broker where you have your trading account may be owned by your government... Fortis (Internaxx 60% is govt owned)..

 

[iway]

Fortis is owned by the Belgian government and may be later by BNP Paris,
You scare me, I am with Internaxx...
Michel, Belgium

 

[alistair Cameron]

Hello E

 

[stochastic]

Offshore company can be registered in a non disclosure jurisdiction with no tax treaties with other countries + a leading broker for exchange-traded futures and options, offices in five continents and affiliations with more than 70 financial exchanges.