Is SpreadBetting Profits Taxable?

Hi,

As title suggests can your profits from Spreadbetting be taxed at all?
Can it be taxable even if you make, for example a million pounds in a year?

Viks

no

Only if it's your sole income I hear.

Do a search this subject has beeen done to death

I'll have a search for it thanks for the replies guys. I wanted to know if it's taxable if it's you're sole income.

The real answer is that no-one can tell you without going through your personal circumstances in minute detail. For the VAST majority of people, profits made from spread betting are free of tax as the income would be classed as a capital gain rather than income. Betting is exemtpt from CGT. There are highly unusual circumstances in which it could be classed as income (and therefore taxable), but frankly this would require some effort on your part to make it so. More to the point, if you've placed a bet in a previous tax year the situation will not change this year as long as your circumstances and tax law haven't changed. The amount of money involved does not make a difference to the tax status of the product.

Basically unless you have some very unusual cirmcumstances, it won't be subject to tax and you can't offset any losses.

Yes, you pay double the tax everyone else does plus you must always buy the drinks on a night out.

i've been told its not taxable if it's not your main source of income.

so another question, if it is your main source of income, how do you get around this?

part time job?