FCA concerns on Spreadbetting

This is a discussion on FCA concerns on Spreadbetting within the Spread Betting & CFDs forums, part of the Commercial category; Originally Posted by OLdNoob because you believe your view is the only one that's right. This isn't opinion, it's fact, ...

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Old Dec 16, 2016, 10:55am   #25
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Originally Posted by OLdNoob View Post
because you believe your view is the only one that's right.
This isn't opinion, it's fact, on the hmrc site and any accountant in this area will confirm.
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Old Dec 16, 2016, 3:11pm   #26
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anyone can engineer themselves out of EU/US regulations and taxes
the problem is you have to spend money in the U.S./EU like you have no money
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$1051153.2 = 73 weeks. If you can't do it....quit or hit the books
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Old Dec 18, 2016, 3:34pm   #27
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Originally Posted by forker View Post
What part of carrying of of the trade don't you understand?
What part of being an imbecile don't you understand??
OldNoob has given you a completely reasonable and sensible explanation of the current situation re HMRC and spread betting.
You need to google "HMRC badges of trade" for further info if your brain can cope with that process
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Old Dec 18, 2016, 4:35pm   #28
 
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Originally Posted by milt View Post
What part of being an imbecile don't you understand??
OldNoob has given you a completely reasonable and sensible explanation of the current situation re HMRC and spread betting.
You need to google "HMRC badges of trade" for further info if your brain can cope with that process
Don't waste your time or stoop to his level of name calling Forker thinks that spread betting is a trade
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Old Dec 18, 2016, 4:54pm   #29
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Originally Posted by milt View Post
What part of being an imbecile don't you understand??
OldNoob has given you a completely reasonable and sensible explanation of the current situation re HMRC and spread betting.
You need to google "HMRC badges of trade" for further info if your brain can cope with that process
If you call translating continuing of a trade to having multiple income streams a reasonable answer then there is no hope for you either
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Old Dec 18, 2016, 4:57pm   #30
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Originally Posted by OLdNoob View Post
Don't waste your time or stoop to his level of name calling Forker thinks that spread betting is a trade
It's listed under spreadbetting on the hmrc site! Nothing I am thinking just facts.

If people can't understand english or hmrc rules then you better hope your stupidity is taken into consideration when hmrc come knocking. Given that you are able to make any money in the first place
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Old Dec 18, 2016, 5:00pm   #31
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I'm done speaking to morons. Don't bother replying because I won't waste any more time on this.
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Old Dec 18, 2016, 5:50pm   #32
 
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Whilst the definitive answer to this question cannot be given without a full understanding of the facts involved in each case, HM Revenue & Customs are very clear in their guidance manuals that ‘The fact that a taxpayer had a system by which they place their bets or that they are sufficiently successful to earn a living by gambling does not make their activities a trade’ (BIM22017).

It is also stated in HMRC guidance that the basic position is that betting and gambling (including spread betting) do not constitute trading and that in the 1925 case of Graham-v-Green ‘A bet is merely an irrational agreement that one person should pay another person on the happening of an event’ (BIM22015).

However, the HMRC guidance also states that ‘An organised activity to make profits out of the gambling public will normally amount to trading and for this they used an example of a bookmaker’ (BIM22018).

Therefore, there is not a definitive argument between the two treatments and whilst true spread betting is outside the scope of tax, if you are a market maker or have your trades organised in such a way as to not be a mere ‘punter’, it is likely that your trading activities will be seen as taxable.

http://www.accountantsfortraders.co....pread-betting/
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