Recent content by Jock Strap

If you ask me, and judging by the Trio Tax website, this scaremongering about Spread betting and tax probably emanates from the accountancy firms themselves trying to make more money by "helping" those trying to make a living from the activity. If HMRC taxed successful spread betters, then they...

Not necessarily true...note the bit in bold in the second quote (all from HMRC guidance): Full Link here

CFDs are subject to CGT. Because you do not buy shares they are not subject to Stamp Duty on purchase but derivatives can provide a capital gain (or loss) in exactly the same way as owning shares or other property. You are buying and selling the contract. You hear stories about successful...

Very briefly for the UK for an individual trading on their own account: Trading gains on instruments like Forex, CFDs, Futures, Shares, ETFs are subject to Capital Gains Tax on closed trades. Conversely, losses can be written off against CGT. CGT is currently payable on all gains above...

which equates to about £475 per week before deductions, so definitely before tax...

you are basically advocating tax evasion, correct?

Trading anything without knowledge is gambling, but if you weren't trading with leverage there is no way you could have lost the amount you did unless you bought shares in companies that all went bankrupt. Just because you have leverage, you don't have to use it. I spread bet purely in order...

One bit of advice, in my experience, can help successful trading: Don't trade with capital that you can't afford to lose. If you are trading in order to put bread on the table and pay the rent, you are quite likely doomed to failure - unless you have balls of absolute steel of course.

No problem, happy to help! You are right that Stamp duty is proportionate, so this simply widens the spread when you buy by a further 0.5% irrespective of trade size. As this is the only tax I pay, I can live with it. Yes you don't have this cost in other markets, but my focus is on the UK so...

Hi Strangelydifferent, I mainly swing trade UK stocks via my ISA. Looking at the above points, I would say: 1) Yes, the peril of Stamp Duty does mean it is easier to swing trade although it is possible to day trade the more volatile stocks or other stocks on more volatile days. I have often...

Mind you, I always find the seams the hardest part to iron!

At present it is feasible to day trade some of the more volatile and high volume UK stocks, such as miners like XTA and RIO, if you have a decent sized trading fund and a good online broker. But it is definitely the 0.5% stamp duty that has much more effect than either the commission or spread...

I think you've just answered your own question

I am profitable and visit this site I find that part of my profitability comes from not being too greedy AND not over trading and allowing trading costs to eat up all my profit. Therefore by definition I have time to spend reading and occasionally contributing here as part of my ongoing...

Most of the main brokers now run spreadbetting platforms, so in theory it is just another derivative, like CFDs. If they have a sensible business model, they will hedge their positions to remain neutral and will make their main profit from the spread, meaning the more money you make and the...