Tax and Spread Betting (YAWN)

This is a discussion on Tax and Spread Betting (YAWN) within the Spread Betting & CFDs forums, part of the Commercial category; I spread bet full time and I don't pay tax,I don't put it on my tax return because....yada yada etc. ...

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Old Dec 7, 2016, 2:36pm   #9
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I spread bet full time and I don't pay tax,I don't put it on my tax return because....yada yada etc.
Indeed this subject has been done to death,in fact HMRC prefer to keep it as it is because most people lose.
My accountant keeps me up to date on it,google Ali v HMRC 2016 for a summary of the latest situation,he was a pharmacist who actually WANTED to be classed as a trader and not on CGT.
If you are a mug punter,with no inside knowledge or special skills related to financial markets except that you just happen to win more than you lose then HMRC won't touch you.
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Old Dec 7, 2016, 2:46pm   #10
 
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cbrads started this thread Thanks Milt, I spread bet full time, don't have any other sources of income and don't pay tax on my modest profits. I have never asked the tax man for advice either.
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Old Dec 7, 2016, 2:52pm   #11
 
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If those rascally politicians put taxes on betting it will kill off the UK industry in record time. Also horse racing etc.
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Old Dec 7, 2016, 3:15pm   #12
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If those rascally politicians put taxes on betting it will kill off the UK industry in record time. Also horse racing etc.
there is tax on betting but the spreadbet firms pay it. we pay 3% of all client spreadbet losses to the revenue.
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Old Dec 7, 2016, 3:23pm   #13
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Originally Posted by metrader View Post
Hi highbury

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

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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.
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Old Dec 7, 2016, 3:26pm   #14
 
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cbrads started this thread Case closed, thanks again Tar
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Old Dec 7, 2016, 5:26pm   #15
 
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Hi i work as a tax inspector-thanks tar-check pm cbrads
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Old Dec 7, 2016, 6:05pm   #16
 
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cbrads started this thread Shhh, so do I IP. I'm an agent provocateur for HMRC
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Thanks! The following members like this post: itspossible
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