Recent content by FXX

the issue with the confusion around this debate is the statement "carrying on the trade" and interpretations of it being incorrect. Carrying on the trade does not mean you are suddenly taxed if doing it full time. it's meaning is described in BIM22017 with examples. There is lots of bullshit on...

BIM22017 - Meaning of trade: exceptions and alternatives: betting and gambling - the professional gambler The fact that a taxpayer has a system by which they place their bets, or that they are sufficiently successful to earn a living by gambling does not make their activities a trade. The case...

Sophisticated On-Line Gambling – Does This Still Hold As “Tax Free”? By Julie Butler, September 2010 The UK Tax Position of the Professional Gambler Essentially betting is “tax free” – the professional gambler is outside the scope of tax. This is confirmed in HMRCs Business Income Manual...

a guy on YouTube turned 500 dollars into 100k in a month and now has it over 5 million dollars. it can be done

https://www.bbc.co.uk/news/amp/business-56155531

hmrc find it hard to convict day traders and even here where he wasn't Spreadbetting but was trading in shares https://www.thearmchairtrader.com/sucker-punch-hmrc-day-trader-tax-case/ what chances do you think hmrc have in court trying to convict someone of taxes through making money off what...

trading is of economic substance is linked to carrying on of the trade. It means if you are making money by conducting business around your spread betting I.e getting paid to be on a show, selling a book, teaching to trade, selling signals. there is no legislation that covers anything to do...

lol, you don't need additional professional advice when the guidelines on Her Majesty's Revenue and Customs website covers it. What part of Spreadbetting being tax free don't you understand? is it the carrying of the trade definition? Because outside of this clause its black and white.

should you start a business by offering signals, teaching, or managing accounts then you would be deemed carrying on the trade as you have used your trading as a means to support your business. Most would get away without needing to declare their profits but should you deposit large winnings...

I doubt there has been any successful case against a punter that only trades. So long as you don't start some type of business off the back of trading you will be fine. You will still need to declare your winnings else face investigation if flagged and the money can't be explained by any tax...

oh god help me. When did I say it is taxable outside of carrying on the trade? perhaps if you learned to read it might help instead of asserting I am suggesting something is when I didn't.

you also have to declare the income you make even if it is tax free, else there will be an investigation and you will have to prove your money source. https://www.hpwsolicitors.co.uk/library/professional-gambler-fends-off-290000-income-tax-demand/ HMRC launched an investigation after...

example of carrying on the trade if you have a website selling signals or teaching people how to trade and charging for it. Then you are deemed to be carrying on the trade and it then becomes a tax.

refer to hmrc.. nobody is saying it is not tax free. What people are overlooking is that it is not tax free in every case.

it really is getting old when people fail to do the research. From HMRC website: ‘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...