mpups
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Whichever you choose, make sure its a UK-based, FCA-regulated firm. Do not send money to a firm based at an accommodation address on some far-away small scruffy island or in a former Soviet steel factory town. The firm you use should be a member of the Financial Services Compensation Scheme and should keep clients' funds in a separate bank account to their own operating capital.
assuming you are new at this? (and pay tax in uk)
trading CFDs you can use the losses to pay less tax on other income?
so if you open two accounts one CFD and one SB then you could use the CFD as your first account where you place trades manually or auto
then at the same time open a opposite trade o the SB account
say you buy CFD eurusd at x and place a stop at y
then sell SB eurusd at x and take profit at y
this should work
it could be a problem to do this manually? maybe there is some EA or something that can copy the trade and reverse automatically?
:clover:
Lee Shepherd
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assuming you are new at this? (and pay tax in uk)
trading CFDs you can use the losses to pay less tax on other income?
so if you open two accounts one CFD and one SB then you could use the CFD as your first account where you place trades manually or auto
then at the same time open a opposite trade o the SB account
say you buy CFD eurusd at x and place a stop at y
then sell SB eurusd at x and take profit at y
this should work
it could be a problem to do this manually? maybe there is some EA or something that can copy the trade and reverse automatically?
:clover:
Be careful with this one Kalott.
HMRC (UK tax office) would more than likely pair up the two as you would be deemed to clearly be using spread betting to hedge against a trading account. Therefore it would fall into 'carrying on as a business' in their eyes.
Caveat: I'm not 100% on this but pretty dam sure. Therefore by doing so would mean that your profits/losses on spread betting could be offset against your other trading activities. Unless anyone can shed any further light/proof on this subject to the contrary, I would go with the fact it would be taxed.
CFD's are great if you need an income. Lets face it, many people do, mortgages, loans, credit cards etc. Due to my gambling habits my credit rating is based solely on cash.
mpups
Experienced member
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assuming you are new at this? (and pay tax in uk)
trading CFDs you can use the losses to pay less tax on other income?
so if you open two accounts one CFD and one SB then you could use the CFD as your first account where you place trades manually or auto
then at the same time open a opposite trade o the SB account
say you buy CFD eurusd at x and place a stop at y
then sell SB eurusd at x and take profit at y
this should work
it could be a problem to do this manually? maybe there is some EA or something that can copy the trade and reverse automatically?
:clover:
You don't offset CFD losses against taxable income you offset them against capital gains. Its CGT which can potentially be reduced. There will be no CGT liability to offset because the other account is spreadbetting. There would also be no way of making money because you are perfectly hedged at all times
good fun though :clap:
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