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Financial Bookmaker May "Spread" Into Stockbroking

Lisa Ugur, Tax-news.com, London

17 January 2001

IG Index, the leading financial bookmaker which offers spread betting as a flexible and tax-efficient alternative to conventional dealing in shares, futures and currencies, says that it may launch a regular stockbroking subsidiary.

IG Index said the service would complement the rapid growth of its contracts for its equity business which effectively enables people to trade in shares while avoiding stamp duty.

IG, which is regulated by the Securities and Futures Authority, essentially offers account holders the opportunity to make considerable profits by backing their judgement in financial markets. Bets can be taken on a huge range of markets, including stock indices, shares (the leading FTSE and other leading European and US shares), currencies, interest rates, and a full range of options.

All profits are free from UK capital gains tax and income tax. Instead, IG pays the betting duty. Its business has seen rapid growth, and this week the company reported a substantial 58 per cent rise in turnover to £15.8m for the six months to November 30 2000.

The company does, however, warn that trading financial markets can result in large losses as well as profits, stating on its website: 'You only bet with money you can afford to lose. Although the rewards are potentially unlimited, your maximum possible loss can be capped on most bets using IG's flexible risk management service'.

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