The Anonymous Widower

Zopa and a Transaction Tax

One of the great things about Zopa is that the only tax you pay is income tax on any money you earn.

I hope that the EU’s proposed new transaction tax, doesn’t sneak in there somewhere.  After all, politicians would love to find a way to tax us more, so how about 0.01% of every transaction going through the banking system? It would be a total loser, as even at a very low amount, the man on the Dalston Omnibus would object strongly to paying a tax on every time he received or paid-out money.

I suspect it won’t happen, but the Euro was badly set up and although it is a very good idea, you can’t really expect all countries to adopt a legal approach, when they see a clever loophole.

But Zopa does mean that you avoid stamp duty on an investment, which like the Stock Market, has a degree of risk.

September 29, 2011 - Posted by AnonW | Finance | Banks, Tax, Zopa