Curency Transaction Tax Mooted (Uk)

[Penkoprod]

I wonder how it will pan out, if and when it comes to be:

Everything from an ATM transaction to a Swift of many millions of Baht i would think

Taken from an article HERE

Fingers crossed its just The Mail being The Mail, but, knowing that pair in the article, one never knows

Penkoprod

[Pib]

More taxes are good....governments love more taxes (especially now days)....politicians will put your taxes to good use....just ask any politician.

[12DrinkMore]

You only have to read to the end of the article.

The Treasury has emphasised that any such tax would need to be truly international so as not to disadvantage participating countries. A spokesman said: ‘There is no proposal on the table but we would not do anything that would harm British interests.’

And then substitute "Banking" for "British", a common slip of the tongue when uttered by bankers and politicians.

[nong38]

Typical load of tosh as printed by the mail, dont expect anything to happen any time soon and you notice the mention of that excellent man with money G brown " Where has all that gold gone!"

[SantiSuk]

TheUK already has a financial transaction tax - it's called stamp duty and applies at half a percent on all share purchases. A tax on currency transfers is not likley to happen. It would cripple exporters and go straight into inflation on imports.

The worldd will never agree how to target the right type of transactions without unintended consequences.

[samran]

It is called a 'Tobin tax' named after the economist who came up with the concept and the idea for one isn't new.

Policy makers are debating it as a way to modulate volatitly in the market, with decisions being made to move money made on a whim based on rumour, gossip and sheer emotion (usually panic).

The 'tax' would be tiny, something like 0.001%. Barely noticiable for you and I, but enough for a large hedge fund to think twice about moving money with no real basis.

Long term investments of more than a year would likely be exempt, and to be honest, so would small transactions.

But, enough with the logic, I yeild the floor to the whining masses who don't have a clue what they are talking about.