off topic and unhelpful! Let's stick to spread betting - pretty please.Another example in another unrelated industry - is mobile phone contracts . . .
Well, if you'd care to look at the small print of ETX Capital and highlight the part that relates to the claim prominently displayed on their website clearly saying that spread betting profits ate tax free - that would be helpful. If SB companies make a false claim in their marketing to attract new business and then negate themselves in their small print, that's unacceptable and, as I've said repeatedly, must fall foul of advertising standards, trading standards and the FCA. Otherwise, they may as well say anything to attract new business - make up any ol' bollox - and then cover themselves in the small print, lol!All spreadbetting companies will in their small print protect themselves - quite easily - because regulations can change quite quickly.
So, are you now saying that spread betting is tax free? It's either 100% tax free or it isn't.It is not in the interest of the UK government to tax spread betters or gamblers as long as over 75% continue to lose. If this was to change over the next 2 -5 years - which I very much doubt will happen - then it may be reviewed again.
I can't comment on your personal experiences as I know nothing about your trading activities or tax affairs. Unless you can provide a copy of a letter from HMRC that clearly states that you have to pay tax on profits made via spread betting - then I can only conclude - like barjon - that either you were poorly advised by your accountants or there are other factors you're not telling us about that would explain it.I had advice of a tax expert at KPMG in Birmingham - along with a friend who worked at Grant Thornton - both very large reputable accountancy firms.
My situation was complex and far from the ordinary - not helped by my previous run ins with the old IR offices from the late 80's.
As I am sure you know Tim - nothing regarding tax laws is 100% black or white - in fact it reminds me of trading in that sense ;-)