UK Tax and Spread Betting

This is a discussion on UK Tax and Spread Betting within the Spread Betting & CFDs forums, part of the Commercial category; Hi All, I am new to the UK and also to Market Spread Betting but I have heard that this ...

Reply
 
LinkBack Thread Tools Search this Thread
Old Jun 6, 2018, 7:08am   #1
Joined Mar 2018
UK Tax and Spread Betting

Hi All,

I am new to the UK and also to Market Spread Betting but I have heard that this is considered as "gambling" by the UK Tax Revenue and as such you are not liable for tax on your profits - is that correct?

If so:
- How do you then declare your potential profits as part of Spread Betting?
- Does the website/agency give you some sort of declaration or report that shows this?
- Do you have to complete some sort of documentation before starting your Spread Bet account?
- Do you need to complete a different Tax form?

Thanks for the help
VicZA is offline   Reply With Quote
Old Jun 6, 2018, 8:12am   #2
Joined Feb 2002
SB winnings are untaxed, you don't need to declare them to HMRC. In order to open a SB account you will have to provide details to the SB firm of your ID, address, current income etc. Some of this is because the FCA demand the SB firms only take on reasonably aware and financially sound clients, and also to counter money laundering. You don't have to notify HMRC and HMRC will not contact you.

There are stories that if SB winnings become your main income you can find tax imposed on them but HMRC say they don't do this, their policy seems to be that they don't want to tax any SB punters at any time in the future and nobody has ever been able to provide evidence that they have personally been taxed on SB winnings.
tomorton is offline   Reply With Quote
Old Jun 6, 2018, 8:20am   #3
Joined Oct 2015
Quote:
Originally Posted by VicZA View Post
I have heard that this is considered as "gambling" by the UK Tax Revenue and as such you are not liable for tax on your profits - is that correct?
YES
Quote:
Originally Posted by VicZA View Post
How do you then declare your potential profits as part of Spread Betting?
YOU DONT
Quote:
Originally Posted by VicZA View Post
Does the website/agency give you some sort of declaration or report that shows this?
- Do you have to complete some sort of documentation before starting your Spread Bet account?
- Do you need to complete a different Tax form?
NO, NO & NO

Kaeso is online now   Reply With Quote
Reply

Thread Tools Search this Thread
Search this Thread:

Advanced Search

Similar Threads
Thread Thread Starter Forum Replies Last Post
Italian Tax on Spread Betting? moreaxe General Trading Chat 2 Mar 25, 2015 12:33am
Spread betting is free from all tax in the uk Vaco Spread Betting & CFDs 34 Jan 13, 2012 9:48pm
Spread betting tax situation CityTrader Home Trader 189 Jan 19, 2011 10:33am
Tax situation in the US for spread betting Reformation General Trading Chat 6 Jan 9, 2009 11:43pm

Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)