
Yes, we've had this discussion on 2tw before. The Inland Rev haven't made a test case, the official line being if gambling earnings are the major source of your income you are deemed a professional gambler and are liable for tax, but they haven't the balls to go to court, for fear of scaring the bookies back to Gibraltar. I suspect individuals have been intimidated into paying without contesting.(but please lets not go there again!)
Of course there is no need to be too open about how much money you make within the realms of gambling.
Trading is trading, if you use SBs successfully, it's no cover. Trouble is you can't generally on an intraday basis, so have to go direct to market with say e-minis, hence this thread.
But this is going off message. This thread isn't so much about whether you should be paying tax on your SB earnings, but more about a new product based on a business model that the old guard of SB firms can't hope to match.
__________________ Luck is not a strategy. |