FuturesBetting.com Re-Launching

[Vaco]

Trade: exceptions & alternatives: betting and gambling: the professional gambler

this peice of tax law spells out the Revenue's view on systematic betting. So long as financial spread betting remains a "bet" then according to the law he is not liable for tax even if his living is derived from it.

thank you for the link, that clears it up from me seen as it came straight from the horses mouth, or is it arse

so to sum up as long as i dont try to set up any kind of service to other traders, be it newsletter, tuition, or appear on london tonight my profits are 100% mine gordon isnt interested.:clap:

 

[riogordo]

Makes you think though: what if there were an option to pay say a pound or less per round trip but a "membership" charge of a grand or two a month... I wonder how many arcade traders would be tempted over?

I guess a five pound round trip on indexes or long bonds is not that much but would make it very hard to trade schatz and almost impossible to scalp stirs.

P.s. What do futuresbetting do if you build up a huge bond position (or worse, a commodity) and just leave it until delivery?

P.p.s. Would like to wish futuresbetting the best of luck, I still reckon it's a brilliant idea.

I was told by FB that all deliverable position would have to be closed out two days before the last trade date.

 

[Vaco]

Trade: exceptions & alternatives: betting and gambling: the professional gambler

this peice of tax law spells out the Revenue's view on systematic betting. So long as financial spread betting remains a "bet" then according to the law he is not liable for tax even if his living is derived from it.

It might be a good idea to make this link a sticky in the spreadbet forum as the question of taxes on spreadbetting as a sole source of income comes up so often and this link from the inland revenue site really makes things very clear.

 

[futuresbetting]

how many ppl lost their money when it closed down? - since its not FSA (UK) regulated ppl must have lost a lot right?

Just to keep you informed, but we are hoping to be live again by Monday 9th June.
just waiting for the FSC to issue our license, which they have agreed to do.

 

[gle101]

FB were always targetted at mid-volume, profitable traders. After all, there is no point trading via spreadbet if you lose money, coz betting losses are not tax deductible.

Amazing, where is the statistical that proves FB attracts mostly winners? It sure doesn't ring true with the statement from Simon himself at Capital Spreads (London Capital Group). Where he states, that the losing rate from traders at DMA, is just as bad compared to that of SB.

 

[cryten]

I also found this Trade: exceptions & alternatives: betting and gambling: spread betting

"To be taxable, the spread betting wins must come not merely from an opportunity presented by a trade, they must arise from the carrying on of that trade. Whether or not a particular spread bet is taxable will depend on the terms of the contract and the economic substance of what is done."

Whatever that means

 

[Vaco]

I also found this Trade: exceptions & alternatives: betting and gambling: spread betting

"To be taxable, the spread betting wins must come not merely from an opportunity presented by a trade, they must arise from the carrying on of that trade. Whether or not a particular spread bet is taxable will depend on the terms of the contract and the economic substance of what is done."

Whatever that means

if i have understood it correctly,

it means that if our winning bets are in any way related to another form of taxable income then we could be taxed for both together.

 

[futuresbetting]

FB will probably just become another Capital Spreads platform clone, then.

Futuresbetting.com, when re launched will offer the same products,spreads,platform,DMA and instant fill's, basically as before with things being added in the near future.

 

[futuresbetting]

I was told by FB that all deliverable position would have to be closed out two days before the last trade date.

Futuresbetting.com are prepared to discuss different scenario's,it's just a call.

 

[Phil Mibbutz]

Futuresbetting.com, when re launched will offer the same products,spreads,platform,DMA and instant fill's, basically as before with things being added in the near future.

Is it still based in Gibraltar, and is the account opening process the same (minimum deposit, etc)? And if it's part of London Capital Group, do existing clients of CS get special terms!

 

[futuresbetting]

Andy,

Futuresbetting seems to be trying to compete with direct access on the basis that spreadbetting profits are tax free. Can you confirm that a trader in the uk whos only source of income is through spreadbetting via futuresbetting.com would not be liable for any tax on profits made.

I'm sure you will agree that a definitive 'yes' to this question would be beneficial to yourself. At the moment many tarders are just unsure and uncomfortable with this been seen as a grey area.

If the answer is 'no' or does not give a clear answer then what benefits do you offer over traditional direct access.

i agree there is a grey area, but as you have read the link below, the revenue claim betting is tax free.
Trade: exceptions & alternatives: betting and gambling: the professional gambler

 

[chilltrader]

hey! when is your site going live ??

 

[chilltrader]

Futuresbetting.com are prepared to discuss different scenario's,it's just a call.

please please please make a sensible call on min. deposit!

 

[cryten]

Also I heard you have high margin requirements, any details on leverage?

 

[A Dashing Blade]

The min deposit was £5000
Margins were in line with everyone else

 

[futuresbetting]

thank you for the link, that clears it up from me seen as it came straight from the horses mouth, or is it arse

so to sum up as long as i dont try to set up any kind of service to other traders, be it newsletter, tuition, or appear on london tonight my profits are 100% mine gordon isnt interested.:clap:

You are paying a spread on a spread, so you are tax free.

 

[futuresbetting]

hey! when is your site going live ??

We are hoping for early next week, all depends on the FSC releasing our license, which they have agreed to do.

 

[futuresbetting]

please please please make a sensible call on min. deposit!

At the moment we require £2500 deposit to open new account, but the account balance does'nt have to stay above this.

 

[wilko]

The idea of direct market access sounds good but the only way to buy say the FTSE index if the price is rising is by taking the ask price and then futuresbetting charges an additional spread as commision. Spreadbetting companies such as Tradefair and ODL have a 1 point spread which is what the market usually has anyway so they are commision free, so please would someone explain why futuresbetting is better when it costs more.
Are you able to open an account with futuresbetting and be trading in a matter of minutes like the other SB's?

 

[futuresbetting]

Also I heard you have high margin requirements, any details on leverage?

You get double intra day margins, for example if you deposit £2500, your intra day trading power will be £5000