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This is a discussion on prospreads.com within the Spread Betting & CFDs forums, part of the Commercial category; Originally Posted by tar another thing , many countries tax your profits from spreadbetting ... Name a few in the ...

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Old Sep 2, 2009, 10:06am   #76
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another thing , many countries tax your profits from spreadbetting ...
Name a few in the EU.
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Old Sep 2, 2009, 10:08am   #77
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Name a few in the EU.
I am talking about my situition
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Old Sep 2, 2009, 10:16am   #78
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I either decalre it is gambling and it is illegal or i say it is financial trading then i should pay tax at some point
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Old Sep 2, 2009, 10:22am   #79
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what if the trader relies solely on SB profits , is it still tax free ? maybe someone could answer this ...
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Old Sep 2, 2009, 10:30am   #80
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I either decalre it is gambling and it is illegal or i say it is financial trading then i should pay tax at some point
In Europe SB is still considered to be gambling, it is not illegal. Yes, I guess, if you solely depend and have a constant income from SB (large income), I think you can be liable for taxation. No use spread betting in that case as you cannot deduct losses.
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Old Sep 2, 2009, 10:39am   #81
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I either decalre it is gambling and it is illegal or i say it is financial trading then i should pay tax at some point
If you are in the red one year, can you deduct losses from taxes. I would be very surprised if this would be the case in you country.
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Old Sep 2, 2009, 10:45am   #82
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If you are in the red one year, can you deduct losses from taxes. I would be very surprised if this would be the case in you country.
1 year in red ?I dont think so but maybe , i didnt pay my taxes yet
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Old Sep 2, 2009, 10:48am   #83
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In Europe SB is still considered to be gambling, it is not illegal. Yes, I guess, if you solely depend and have a constant income from SB (large income), I think you can be liable for taxation. No use spread betting in that case as you cannot deduct losses.
This is my point , i am talking about trading for living as a serious profession not for fun ...
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Old Sep 2, 2009, 10:49am   #84
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1 year in red ?I dont think so but maybe , i didnt pay my taxes yet
Ok.
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Old Sep 2, 2009, 10:56am   #85
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This is my point , i am talking about trading for living as a serious profession not for fun ...
Yes SB has got its place. Good luck with your future endeavor.
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Old Sep 2, 2009, 11:06am   #86
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Yes SB has got its place. Good luck with your future endeavor.
Also SB can be used as a serious profeesion and make a decent living from it , Good trading for u 2
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Old Sep 2, 2009, 11:34am   #87
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Commission comes way down for size
It's a dma platform wrapped up in a spreadbetting business model

You wanna go non-dma (ie IB) ? That's down to you
Yes you hit the nail on the head. Tax-free earnings vs taxable earning. Its a no brainer to me.
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Old Sep 2, 2009, 11:49am   #88
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Yes you hit the nail on the head. Tax-free earnings vs taxable earning. Its a no brainer to me.
It depends on the trader , for me cuz i am active it is much cheaper for me to pay taxes instead of huge commissions
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Old Sep 2, 2009, 12:30pm   #89
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I want to make a simple comparison on the FTSE 100

Lets say you pay fixed 20 % tax on annual net profits if u trade with a broker and u really dont pay any taxes if you trade with prospreads .

1- if u trade 100 RTS monthly u pay 1000 pound in comm with prospreads and 340 pound with IB = extra 660 pound monthly = 7920 pound , which means if u make more than 39600 pounds in net profit it will be cheaper for u if u trade with prospreads and if u make less it will cheaper if u pay tax .

2- If u trade 300 RTS monthly u pay 1500 pound in comm with prospreads and 930 maybe less with IB = extra 570 monthly = 6840 pounds in a year , which means if u make more than 34200 pounds in net profit at the end of the year it will be cheaper if u trade with prospreads and if u make less it will be chaeper if u trade with a broker .


this is the FTSE , ofcourse with the Dow and oil it will get really ugly ...
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Old Sep 2, 2009, 12:32pm   #90
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It depends on the trader , for me cuz i am active it is much cheaper for me to pay taxes instead of huge commissions
Tar

I need to get to the bottom of this. Why is it that I just don't get it?

Let me say I make a profit of £200 on 1 contract of FTSE. At a spread of 1 point the cost of transaction is £10 at the moment and will fall to £5 when I hit 200 trades.

Unless one is a skimmer/scalper taking profits at 2 points advance in FTSE, I don't see £5 on £195 profit as a huge commission. I save tax @ at least 20% rate so thats additional benefit of £40.

Someone enlighten me please.
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