Spread Bet Firms Ask for National Insurance Number?

This is a discussion on Spread Bet Firms Ask for National Insurance Number? within the Spread Betting & CFDs forums, part of the Commercial category; Spread betting firms in the UK like Oanda and IG ask for your National Insurance number when you sign up ...

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Old May 27, 2018, 4:03pm   #1
 
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Spread Bet Firms Ask for National Insurance Number?

Spread betting firms in the UK like Oanda and IG ask for your National Insurance number when you sign up - yet spread betting in the UK is treated as gambling and tax free. So my question is do they liaise with HMRC, or any other government agency, regarding spread better's trading activity?
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Old May 27, 2018, 4:17pm   #2
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Or is it just an ID verification?
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Old May 27, 2018, 4:30pm   #3
 
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Or is it just an ID verification?
I think I read somewhere(excuse my forgetfulness), that that was the case - they could have gone for other ID - but it just seems odd when you could open a Betfair account and gamble without having to do the same. Just wanted clarification to be honest.
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Old May 27, 2018, 4:57pm   #4
 
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Originally Posted by JohnDave View Post
Spread betting firms in the UK like Oanda and IG ask for your National Insurance number when you sign up - yet spread betting in the UK is treated as gambling and tax free. So my question is do they liaise with HMRC, or any other government agency, regarding spread better's trading activity?
Money laundering verification
Your address and NI number means you can check immediately a persons background
Passport would be another. Anywhere you can hold money in any online account is subject to to investigation. Nothing to do with tax
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