Member Info for luddite

Have you been involved with TICN ?

apropos I have been a long term holder and sold when I could see a profit, have just bought again at 4.29pm, it may not be the bottom yet but nobody really knows, the best of the pundits get it wrong its all just guess work no matter how well informed they are.

If II are collecting the Spanish FTT I wonder what they are doing with the collected 'tax', surely they would not be passing it on to the Spanish unless they have to, I imagine its an easy way for them to make a bit extra profit ? I have traded IAG hundreds of times since the FTT came in a year ago and not been charged the FTT, 0.2% may not seem like much and I could live with it if I had to pay it but it intrigues me that some brokers are 'collecting' the tax from their punters and what are they doing with the money, I do not hold any brokers in high esteem including the few I use so anything they get up to is hardly surprising.

There is no stamp duty payable on IAG , the FTT came in last year but seems the main brokers do not collect it, maybe your broker is pocketing it, ask for a refund or you will move your account elsewhere.

What a marvelous day, I just need the price to rise by another 100% and I will be breaking even so I recommend everyone to buy these so I can at least get my money back, I must have had a good reason to buy these in the first place just cannot remember what it was, probably some useless tipster.

big blue don't dismiss charts so easily, when I was young I read every book on charts and TA I could get hold of from my local library, the first I read was called The Downwave by Bob Beckman, I waited for his predictions to pass for years but it never happened, he went back two hundred years making the case for corn cycles, krondottyiev, fibonacci ratios, elliot waves etc that he predicted would all peak togther and culminate in a massive sell off, it never happened but it was a good read, all mystical meg stuff but these days top traders in London use a lot of this stuff in addition to fundamentals. I have learned I don't need the mystic meg Zac Mir style of TA but if you look at some of the candle stick charts you can easily see the daily ups and downs and there is no arguing that they often resemble sine waves, its plain for anyone to see when a short term cycle is near the top or about to turn back up, I have been doing it for donkeys years , I don't always get the top or bottom just some of the middle bit is good enough.

A good punt by Anapa, I see Gamestop has gone berserk again, IG not allowing shorts but ok long.

Triumph1, I would like to see shorting hedge funds make large losses and seeing some of whats happened this past 24 hours with stories of small punters having their shares sold without permission or blocked from buying and selling the whole thing stinks if some of these stories turn out to be true, I am all for level playing fields but I am not against the concept of shorting, we have no more right to expect IAG to rise in price than a shorter has to hope they can correctly bet on it going down, its the manipulation and lies that are put out that is wrong. If it looks like the game is not over I may have a bet on Gamestop myself but not at the price its at today.

They ran out of buyers at around 480$ at 3pm and its tanked 40% in 50 minutes.

triumph1, I hope you are right but problem is how can Gamestop be worth todays market cap when they have nearly 6000 retail units in the USA losing money. I agree would be nice to see a shorting hedge fund get properly taken out on something like this.

Daggermal, the reddit gang cannot continue, they will run out of money, I see nothing wrong with what they have done other than they are now sitting on shares which are about to tank by 90% when the bubble bursts, the few directors that are now billionaires will be hoping they can get out whilst they are still so rich but problem is they know selling large amounts will burst it. There will be thousands of small investors losing when it tanks, I think it will drop to 30$ or less within a few weeks, IG will not even allow punters to open a short on it even after it just dropped by 23% in the last 15 minutes but they will happily sell shares, I am a gambler but not mad enough to try punting on it, it makes Petro**** look like a nice safe place for pension savings by comparison.

As usual its been another good day for IAG and we are only 13 minutes into the day, my days work is done but I might be greedy and have another go, or two as it looks like its lining up for another turn. Even EZJ with its bad numbers pretty much had the same price movement as IAG this morning so it did not really matter much which share to trade but I just prefer IAG through familiarity.

Its IAG not BA and yes I do think it will survive , on the other hand I am considering shorting Remote Monitoring Systems , comparing the two companies chances and balance sheets its got to be IAG with the best chance, RMS is full of red flags.

I do not think of a CDI as a 'virtual share' there is no such thing other than in a game or for example cryptocurrency and even that needs a reference point to fiat money so its not truly virtual. I don't find the term CDI distracting as having had them for many years I have seen the advantages and pitfalls of them. CDIs are not the bailiwick of London, ADRs are pretty much the same thing but under much tighter regulation in the USA. It is very unlikely that the Spanish FTT would be tested in law in the UK. Its very unlikely that a tax of 0.2% on share purchases affecting a very small number of companies who are all fully compliant with accepting Spanish tax regulation will be the least bit interested in complaining, who is going to litigate and for what piddling amount ? I am hoping the Spanish FTT will just go away and not be collected but it seems that some brokers are already collecting it and if your broker decides they have to tax you on your IAG CDI buys, what will you do, pay up or you don't get your shares , you like it or lump it, nothing we can do.

I have to disagee with you, I have not misunderstood, I would like the IAG CDI to be outside Spanish jurisdiction but do you think that whilst IAG is a Spanish company that its UK listed shares can somehow stand alone without influence from Spanish tax regulation , have you anything other than your own feelings to back this idea up ? The legislation covers shares in Spanish companies with a market cap over $1billion wherever they are listed, the IAG CDI has not been listed as an 'item'. An 'item' in the sense you describe would be a CFD in IAG or similar derivative, these are mainly packaged and self hedged products totally internal to the broker, just like placing a bet with a bookie.

Much as I like the idea that 'it was created in the uk' that was the case with BA but now as its become IAG its a Spanish company, the CDI depends on cooperation and approval from Spain from both IAG and the Spanish government, IAG are very unlikely to go against Spanish tax regulations. Barclays and IG etc are still not levying this tax so clearly there is some confusion about it. For me it makes very little difference, 0.2% is hardly here or there but it could be just the first of a lot of changes coming by governments trying to pay for their incompetant financial management.

big blue , anyone mad enough to eat Marmite deserves double taxation. This is from lexology.com Baker McKenzie ;
'Spain has approved a new Financial Transaction Tax, which will come into force on 16 January 2021. This is an indirect tax applied at a rate of 0.2% levied on onerous acquisitions of shares in Spanish companies that are admitted to trading on regulated markets (either in Spain, another EU State or an equivalent market in a third country) with a stock market capitalisation value exceeding EUR 1 billion. This is irrespective of where the acquisition is carried out and the residence or place of establishment of the persons or entities involved in the transaction.'

As far as I can see it covers IAG CDIs bought in the UK . Much as I would like to see all taxes outlawed I think I am unlikely to get my wish.

When IAG paid dividends to UK CDI holders a withholding tax was first deducted in Spain, it is possible to reclaim this tax but if it were an illegal tax do you think that the Spanish would have got away with the crime for such a long time ? There are illegal taxes imposed by various countries for example the Irish impose VRT which is acknowledged to be illegal, the government pays a fine every year to the EU and continues to levy the the tax but no one has ever claimed that Spanish withholding tax is illegal and surely the legal framework is unlike to be much different than imposing a financial transaction tax on share purchases ? So far its only a few brokers seem to have taken it upon themselves to collect the FTT from UK buyers, I wonder if any of them will refund the money should they be proved wrong or will IG and Barclays come after customers retrospectivley, one or the other must be wrong.

'Is the US enforcing the collection of the tax for the Spanish on Wall St? I very much doubt it.'

Probably the same confusion going on for US brokers but the ADR system is even more tightly controlled than CDIs so I have not much doubt they will collect it , I am not 100% certain just 99% but if you can find a loophole I am all ears.

big blue, IAG is a Spanish company listed in Madrid and we can trade them by CDI in London and ADR in New York, there is nothing can be done about this , the Spanish can impose this tax . On the other hand if IAG were a UK based company like BT etc we would be paying stamp duty which at the moment would cost more.