Abstract: A Hg(Cd)Te insulator heterostructure hosts a two-dimensional electron system that can simulate the physics of Dirac fermions with only a single valley. We investigate the magnetotransport properties of this structure and show that, unlike most two-dimensional crystals with spin and valley coupled levels, the Shubnikov-de Haas oscillations exhibit a high spin polarization in the absence of any valley degree of freedom. This effect can be observed using magnetospectroscopy measurements for quantum well thicknesses corresponding to either the topologically trivial or quantum spin Hall phases. The pseudospin texture of the electrons near the Fermi level is also studied and we show that a tunable pseudospin-polarized quantum Hall liquid can only be observed for thicknesses corresponding to the inverted regime.