FCA concerns on Spreadbetting

This is a discussion on FCA concerns on Spreadbetting within the Spread Betting & CFDs forums, part of the Commercial category; Lets leave it at that you have your interpretation and I have mine, everyone else can make up their own ...

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Old Dec 18, 2016, 5:52pm   #33
 
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Lets leave it at that you have your interpretation and I have mine, everyone else can make up their own mind.
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Old Dec 19, 2016, 12:17am   #34
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As ever with these threads, lots of strongly held and quite convincing opinion on both sides, but a continuing absence of direct experience in dealing with HMRC on this question.
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Old Dec 19, 2016, 9:16am   #35
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Quote:
Originally Posted by metrader View Post
Hi highbury

Have you ever heard of anybody paying tax on spread betting winnings?

Thanks

Quote:
Originally Posted by highbury fx View Post
yep.

the key always used to be what you declared as your occupation on the spreadbet application form. if you put down 'trader' or similar then the revenue may have considered it to be your source of income and taxed you regardless of how little you may have won.

I knew of someone about 10 years ago who spreadbet fx for a living and done very very well but paid an estate agency £25k to put him on their books as a salesman so he could declare that on the application form.

I think the key thing here is if you are not spreadbetting profitably or not making a decent wage from spreadbetting you should not put down 'trader' as your occupation. You could create some problems further down the line for yourself.

I don't think spreadbetting profits will be taxed to the mainstream any time soon simply because spreadbet losses will then have to be tax deductible. You don't need me to tell you that more money is lost spreadbetting than won.

Highbury fx is a ceo of a SB company .
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