CFDs, capital gains tax, unemployed or self-employed?

[wisemen]

hi,

I am currently unemployed (dropped out of uni this year) and have been paper trading cfds and been showing a steady profit.

I would like to now deposit and trade cfds on odl.

I have read other threads where it has been stated that any profits on cfds are taxed as capital gains.

But my questions are,
will i still be classified as unemployed or as a "sole trader"?


Kind Regards,

oh! btw - i m in birmingham, uk.

 

[Magos]

hi,

I am currently unemployed (dropped out of uni this year) and have been paper trading cfds and been showing a steady profit.

I would like to now deposit and trade cfds on odl.

I have read other threads where it has been stated that any profits on cfds are taxed as capital gains.

But my questions are,
will i still be classified as unemployed or as a "sole trader"?


Kind Regards,

oh! btw - i m in birmingham, uk.

sole trader

You can be unemployed and trade spreadbetting
check the following

http://www.trade2win.com/boards/trading-faq/47394-trading-facts-taxes-uk.html

 

[wisemen]

wow

thx

sole trader

You can be unemployed and trade spreadbetting
check the following

http://www.trade2win.com/boards/trading-faq/47394-trading-facts-taxes-uk.html

 

[trader-zoom]

well done mate, it takes a bigger man to drop out of college. keep at it:clap: . u only have to pay C.G.T if ur turn over between jan-2009 to dec-2009 is more than £10,100 by the end of December(tax year). a simple example would be let's say ur turn over is £50,000. u take away your exempt allowance which stands at £10,100. and u pay 18% of £39,900. simple.

+ if my plans go accordingly then i shouldn't be applying for Uni next year.:smart: