Broker charges, tax etc

[Scotty2Cues]

Hi,

Can someone give me an idea of broker charges/commission etc . Also what are the UK tax rules on Forex (just wandering for when I make my millions......)
Thanks

 

[plamar]

the spreadbetting is free of capital gains tax in the UK. But I read somewhere that if it is your main income then you must pay tax.

 

[£10kLoser]

Why do people answer questions when they don't really know the answer?

Spread betting is tax free - otherwise all those majority who lost their money would be able to claim it as tax deductible and the Inland Revenue would have a net loss. Ask yourself, is that likely?

'Just wandering' is correct, but if you mean 'wondering', most brokers only charge the spread, which will probably be anything from 1 pip to 5 pips depending on the currency pair and broker.

Assuming you are trading and not 'investing', normal income tax applies.

The fact that it took 8 days to get an answer to this question shows something, don't you think?

 

[JohnnyC]

I would have thought you'd know why people answer questions when they don't know the answer 10kLoser give that you regularly do it. My particular favourite of yours is

"What's all this talk of trading the spread? I think you're confused by the terminology - nobody trades the spread! We all trade the instrument which is crude oil in this case! "

which was in a discussion about spread trading. You arrogantly decided to interject without even understanding the concept of trading a spread!

 

[£10kLoser]

You wait two years to make that comment in reference to a topic dead for over six months?

Just to paint me in a bad light?

Really, the childishness of some people on this forum is unbelievable!

I unsubscribe and won't waste my time here any more - so any further attempts at one-upmanship will go unread by me...

 

[JohnnyC]

Good. The point of my post is that it is you that continually try and make one-upmanship type comments when you clearly have no understanding of the type of market making / liquidity providing trades that lots of professionals on this forum engage in.