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; Simple Question: Are profits from spread betting your only source of income? If so, do you pay tax on them?...

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Old Dec 7, 2016, 1:17pm   #1
 
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Tax and Spread Betting (YAWN)

Simple Question:

Are profits from spread betting your only source of income? If so, do you pay tax on them?
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Old Dec 7, 2016, 1:22pm   #2
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Old Dec 7, 2016, 1:38pm   #3
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I've never heard about anybody paying tax on spread betting winnings



PS Spread betting is classed as gambling (gambling is not taxed in UK)
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Old Dec 7, 2016, 1:42pm   #4
 
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cbrads started this thread Thanks Tar, so your answer to the first part of my question is: "No" and the second is "Not Applicable", am I right?
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Old Dec 7, 2016, 1:44pm   #5
 
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Quote:
Originally Posted by metrader View Post
I've never heard about anybody paying tax on spread betting winnings



PS Spread betting is classed as gambling (gambling is not taxed in UK)
I've never heard either, that's why I am asking for first hand experience
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Old Dec 7, 2016, 1:59pm   #6
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The clue is in the name....it's a bet,aka wager,gamble etc and outside all U.K. Tax liability no matter if you do it full time or not,as long as you're a private individual and not a company.
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Old Dec 7, 2016, 2:12pm   #7
 
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we need to un ban F and bring him back for this.he used to pay tax as he never lost a trade you know.
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Old Dec 7, 2016, 2:16pm   #8
 
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Quote:
Originally Posted by milt View Post
The clue is in the name....it's a bet,aka wager,gamble etc and outside all U.K. Tax liability no matter if you do it full time or not,as long as you're a private individual and not a company.
This discussion has been done to death on other threads. I started this one in the hope that someone would come forward with first hand experience in the matter. That is to say, for example: "Yes, spread betting is my only source of income and I pay tax on my profits because the tax man said...xyz"

What's your personal experience?
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