Are all my spread bet profits tax free?

[postman]

http://www.spread-betting.com/trading-faqs/spreadbetting-tax-free

Let’s assume that you earned £50, at the weekend, stacking shelves in Tesco but, traded 12 hours a day during the normal working week. Your profits, from trading, amounted to approximately £5,000 per week and you made 10 trades each day; what would HMRC consider to be your primary occupation and income source?
The shelf stacking in Tesco’s? Unlikely, I think…
Although I can understand both facets of the argument I’m not sure that the ethical standard could be used in a case which went as far as court. So long as the person in question could show that he / she was following the law then they wouldn’t have a case to answer. As far as I know there is nothing in law which states that someone must ‘pay’ income tax – instead the law requires that someone is ‘assessed’ for income tax – an assessment doesn’t mean that liability is always found.

Anyway, it seems the consensus seems to be that spread betting gains are tax free and in most cases you won’t ever be confronted by the Inland Revenue about not declaring it and frankly if you are confronted you probably stand a good chance of winning due to a little thing called ‘law’. Secondly, if the Inland Revenue were to starting considering gamblers for taxation via Income Tax then they’d have no option but to offer relief on losses. Since there is nothing to stop people having more than one business or trade anyone who gambled would thus be able to deduct losses (from gambling) from their taxable income. This would cost the Inland Revenue a fortune.


“Remember that TAX will be the single biggest cost in your life. Earn a tax-free income trading the financial markets. Start Spread Betting Today!”

 

[itspossible]

 

[Lúidín]

I can't believe some people still don't believe the facts, oh well, same as with trading I suppose, some things will never change.
Lúidín

 

[postman]

Heres a guy with a pair of balls who trades regular shares and spreadbets but doesnt pay tax on the spreadbetting part of his winnings. I mean who would be that silly.

http://www.telegraph.co.uk/finance/...ll-explains-how-to-win-at-spread-betting.html

"Most impressively, he warned in November 2007 that Northern Rock's shares would be worth 5p and that the bank's woes represented the "greatest shorting opportunity" he'd ever seen. He took his own advice, and booked his usual £1m profit, but apparently he could have won more.
Thanks to an oversight, he incurred a tax liability of £300,000 when the usual bookies couldn't take large enough punts and he had to put part of his bet through agency brokers."

 

[postman]

I can't believe some people still don't believe the facts, oh well, same as with trading I suppose, some things will never change.
Lúidín

What facts show us ONE FACT to back up your opinion. You havent shown any facts so far! You are the one who wont face facts, just blindly sticking to your opinion.

 

[Lúidín]

I don't waste my time repeating what has already being proved..go to the UK tax authorities site..print off the relevant pages mentioned..highlight the unclear bits..ring the tax authorities..they will tell you to get advice from a qualified person..do that..you have your answer..how can people be so stupid is beyond belief
Lúidín

 

[postman]

I don't waste my time repeating what has already being proved..go to the UK tax authorities site..print off the relevant pages mentioned..highlight the unclear bits..ring the tax authorities..they will tell you to get advice from a qualified person..do that..you have your answer..how can people be so stupid is beyond belief
Lúidín

Thats pretty lame, especially as no one has proved it.
I did bother to go to the UK tax site and I posted all relevant links here http://www.trade2win.com/boards/spr...read-bet-profits-tax-free-22.html#post2669042

Even the ONE person who said he paid tax on his spread betting has retracted that and now says he was 'fined'.

No one has ever been taxed for spread betting, show me where it has been proved and I will change my opinion. I doubt you will ever change your opinion.

It seems you are the lazy one who cant be bothered to find one single fact to back up his opinion.

You are really going to be punished by Mr Market if you cant admit when your wrong!

 

[Lúidín]

grow up..a fine is the same thing..even worse as you have to pay more than the initial tax bill..you can think what you like..who cares..it's your money
Lúidín

 

[itspossible]

Heres a guy with a pair of balls who trades regular shares and spreadbets but doesnt pay tax on the spreadbetting part of his winnings. I mean who would be that silly.

http://www.telegraph.co.uk/finance/...ll-explains-how-to-win-at-spread-betting.html

"Most impressively, he warned in November 2007 that Northern Rock's shares would be worth 5p and that the bank's woes represented the "greatest shorting opportunity" he'd ever seen. He took his own advice, and booked his usual £1m profit, but apparently he could have won more.
Thanks to an oversight, he incurred a tax liability of £300,000 when the usual bookies couldn't take large enough punts and he had to put part of his bet through agency brokers."

im aware of ek-if anyone is going to be taxed on his sb winnings its going to be him lol-did he pay a penalty though:whistling

 

[postman]

im aware of ek-if anyone is going to be taxed on his sb winnings its going to be him lol-did he pay a penalty though:whistling

No didnt pay tax OR a penalty. I wonder who his accountant is? Its probably not the Birmingham branch of KPMG.

 

[Lúidín]

grow up..a fine is the same thing..even worse as you have to pay more than the initial tax bill..you can think what you like..who cares..it's your money
Lúidín

 

[postman]

grow up..a fine is the same thing..even worse as you have to pay more than the initial tax bill..you can think what you like..who cares..it's your money
Lúidín

A fine is not the same thing as paying tax on spread betting. Its a way the taxman tries to bully unsuspecting people into paying something they dont have to.
If you call their bluff and get them to take it to court they will back down, they cant afford the case law ramifications.

Do you know anything about tax law?

 

[itspossible]

No didnt pay tax OR a penalty. I wonder who his accountant is? Its probably not the Birmingham branch of KPMG.

i was joking about the penalty bit lol

 

[Lúidín]

A fine is not the same thing as paying tax on spread betting. Its a way the taxman tries to bully unsuspecting people into paying something they dont have to.
If you call their bluff and get them to take it to court they will back down, they cant afford the case law ramifications.

Do you know anything about tax law?

This thread is a prime example why the majority of people who try to make money trading fail, as they will believe what they want to, and ignore the possible outcome..you can argue all you want..it won't change a thing if you ever find yourself in the position with the tax autorities..end of story
Lúidín

 

[postman]

This thread is a prime example why the majority of people who try to make money trading fail, as they will believe what they want to, and ignore the possible outcome..you can argue all you want..it won't change a thing if you ever find yourself in the position with the tax autorities..end of story
Lúidín

I chose to believe all the facts that I have presented to support my argument, I havent seen YOU present ONE FACT to support your position. It is you who chose to believe what you want in the face of real facts!
You are ignorant of the subject, have done no research of your own.
Who told you that spread betters pay tax? Did you hear it down the pub? Did your BFF tell you? What on earth makes you think you are right? ONE FACT please please please. Help everyone to understand where your opinion originated from or we will all have to assume your a troll.

 

[Lúidín]

I chose to believe all the facts that I have presented to support my argument, I havent seen YOU present ONE FACT to support your position. It is you who chose to believe what you want in the face of real facts!
You are ignorant of the subject, have done no research of your own.
Who told you that spread betters pay tax? Did you hear it down the pub? Did your BFF tell you? What on earth makes you think you are right? ONE FACT please please please. Help everyone to understand where your opinion originated from or we will all have to assume your a troll.

You have one chance to apologize for calling me a troll, and I mean one chance!
Lúidín

 

[NickBk]

It is not possible to get a fine without stating clearly what it is for or what tax code etc you are fined under.

The same as penalties and interest, they do show a calculation and what it is based on and the original offence.

You do not get fines and penalties in one area because you did something in another area, now or previously.

As for this ''Originally Posted by Lúidín View Post
grow up..a fine is the same thing..even worse as you have to pay more than the initial tax bill''
The original bill, as you put it, would have to reference the tax you were due to pay under. They don't just send correspondence saying fine pay now or else.

I can't believe I actually bothered to post in this thread!

 

[postman]

You have one chance to apologize for calling me a troll, and I mean one chance!
Lúidín

You could always present a fact to support your argument, and then I will. Otherwise it stands.

 

[Lúidín]

It is not possible to get a fine without stating clearly what it is for or what tax code etc you are fined under.

The same as penalties and interest, they do show a calculation and what it is based on and the original offence.

You do not get fines and penalties in one area because you did something in another area, now or previously.

As for this ''Originally Posted by Lúidín View Post
grow up..a fine is the same thing..even worse as you have to pay more than the initial tax bill''
The original bill, as you put it, would have to reference the tax you were due to pay under. They don't just send correspondence saying fine pay now or else.

I can't believe I actually bothered to post in this thread!

A fine imposed for not paying the relevant tax..who ever said the fine was not related to the underlying tax due..what is wrong with you people..this is really getting so stupid it is beyond belief
Lúidín

 

[Lúidín]

You could always present a fact to support your argument, and then I will. Otherwise it stands.

You had your one chance.
Lúidín