PC at CMC Markets
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Welcome back lovejoy havent seen you around for couple of weeks. Hope you had nice Christmas and didnt put on four pounds like I did.
Thanks to you and others for putting this info up about tax on spread betting. I have to be careful what I say because I am not allowed to give tax advice but I think your assessment is spot on.
However individual should make sure of their own tax status. sorry just covering my a++e
cheers peter
Thanks to you and others for putting this info up about tax on spread betting. I have to be careful what I say because I am not allowed to give tax advice but I think your assessment is spot on.
However individual should make sure of their own tax status. sorry just covering my a++e
cheers peter
I don't why people come to this conclusion...gambling is gambling it's black and white...whether it's your sole source of income does not make any difference to whether you profits are taxed or not. Gambling profits in the UK are tax free regardless of how much you profit you make or whether it's your sole income or not.
When spreadbetting might be construed as trading is when it as part of an organised activity to make profits out of the gambling public ie. if you are providing a service to the public for a fee using your exepertise.
See here for starters then follow the links, if in doubt speak to an accountant who specialises in this area of tax.
http://www.hmrc.gov.uk/manuals/bimmanual/BIM22017.htm