Recent content by Markyf

I agree, this is referred to in my main thread: "The profits from spread betting are however not taxable, and the reason for the difference in treatment has been stated to be that financial derivatives are real in that they may lead to the underlying contract being implemented. This...

History The US do not have a lumbering income tax system dating back to the Napoleonic War with all its encumbered legislation and case law. Income tax was repealed in the US in 1872 and not re-introduced until 1913 with a fresh system. The US system requires that gamblers add up their wins...

When originally deciding whether or not an activity constitutes either trading, the profits from which are subject to income tax, or whether they are windfall gains subject to capital gains tax, this will be decided by reference to: 1. The subject matter of the realisation. 2. The length of the...

If the government were to tax gambling, and that is what spreadbetting is, then they would have to allow tax relief for gambling losses - see earlier in my thread. There is no specific exemption in the taxes acts that gambling is tax free, again mentioned in my thread, but no-one in the UK has...

Not so Prostitutes are liable to tax on their profit in the UK. There was a test case to determine which Case of Schedule D tax it should be under some decades ago; Case 1, Trade or Business, or Case 2, Profession or Vocation. Although it was cited that prostitution was the oldest known...

Not many chartered accountants have much of a clue about the finer points of tax, let alone the taxation of dealing in financial derivitives. Try members of the Association of Taxation Tecnicians and Chartered Tax Advisors like me and my colleagues.

Spread betting is essentially gambling, and it is generally accepted following a line of tax cases that gambling winnings are not subject to income tax, although the statutory authority for this is somewhat weak. Section 1(1) Income and Corporation Taxes Act 1988 provides: Income Tax shall be...