Difference between Spread betting and CFDs

tomorton

Legendary member
8,420 1,345
What we're still short of here is a post from a trader who has paid tax on their spreadbetting gains.
 

MasterOfCoin

Experienced member
1,228 479
The HMRC may change their rules and START to tax spread betting but they don't at the moment and its made very clear they don't IN the article you linked to.
I'm far from convinced he can actually read simple English.

On planet OFXTO everyone pays Tax, young, old, dogs, cats, gerbils and children in the womb.

There you pay tax on everything, gifts, donations, refunds, windfalls, the lot.



However, here in the UK on Earth, there are still some things not taxed yet.
Spreadbetting is one of them.

Moreover, it would be preferable if the reputation of T2W were not subject to further ridicule by obstinate buffoons posting totally unsubstantiated balderdash and codswallop because they think something should be so.

It isn't so. And that's that.

😐
 
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1nvest

Well-known member
319 111
Moreover, it would be preferable if the reputation of T2W were not subject to further ridicule by obstinate buffoons posting totally unsubstantiated balderdash and codswallop because they think something should be so.
alas, we have a few of those
Perhaps we could get a thread set up just for 0FX as well. and in years to come, when he fills in a self assessment form for the first time, we can all look back and laugh
 
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guest41766

0 0
What is a professional forex trader?
A professional forex trader gets their income from trading on the currency market. In contrast to beginners, earnings from the FX market tend to be the primary source of income for professionals.

Seems the mob/herd rule on T2W not willing to see the other side of the issue. If any of you broke thru to consistency maybe you would listen to the advice.
 

new_trader

Legendary member
6,665 1,489
It is clear (to me at least) from the answer provided by HMRC, that if you are merely a trader profiting from speculating, your profits on spread-betting are tax free.


"Spread betting is not regarded as taxable income unless you are carrying this out as a trade"

Note, the answer does NOT say, "unless it is your main source of income and you are not working" which was asked in the original question.

The question asked was clear as a bell, one that simply required a 'Yes' answer if it was correct, not a reference to a BUSINESS income manual.


QED
 

tomorton

Legendary member
8,420 1,345
What is a professional forex trader?
A professional forex trader gets their income from trading on the currency market. In contrast to beginners, earnings from the FX market tend to be the primary source of income for professionals.

Seems the mob/herd rule on T2W not willing to see the other side of the issue. If any of you broke thru to consistency maybe you would listen to the advice.
There's no justification for suggesting that the majority might be wrong just because they are in the majority. If you see all the occupants running out of a burning building, would you automatically regard them as a mob/herd? Or just rational people collectively following the correct course of action?
 
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Guest36985

0 0
What is a professional forex trader?
A professional forex trader gets their income from trading on the currency market. In contrast to beginners, earnings from the FX market tend to be the primary source of income for professionals.

Seems the mob/herd rule on T2W not willing to see the other side of the issue. If any of you broke thru to consistency maybe you would listen to the advice.
You just made that definition up yourself.
Its a bit like me saying
How can I tell if someone online is an idiot?
An idiot can be identified online by the way they place a numeric at the start and end of their username.

It may be true in this case but it doesn't mean all words written in bold and italic are true.
 
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guest41766

0 0
However, if HMRC considers that your full time occupation is trading, then regardless of what the spread betting companies say, you may be liable to receive a tax assessment. It will then be up to the individual to prove to HMRC that he/she does not have a tax liability. This is just the type of argument that has been raging between the Inland Revenue (as it was) and taxation specialists for years.

From what I gather it all depends on how you classify your trading activity….

If you are betting for entertainment then it is tax free (via spread betting account).
If you are investing (and holding trades over weeks) for growth then you are subject to CGT.
If you are trading (especially intr day) or speculating then you are subject to income tax.


 
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guest41766

0 0
The only idiots are you SB pikeys
 
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Guest36985

0 0
Day after day @0FXTrader0 tells us spreadbetting is taxable despite ALL the evidence to the contrary.
All he has to do is provide a single example of someone who was taxed for spread betting, and he has failed to do that.

Everyone can see 0FXTrader0 is the real idiot and if he trades in the same way that he argues ie refuses to acknowledge when he is wrong and the market is right, he's probably lost all his money by now.

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guest41766

0 0
This site has deteriorated into a retail haven. No traders use it anymore as the banks have banned chatroom uses anyone generating there income from SB, CFD, futures will be taxed as income. There is no evidence of a SBeerr being taxed because by the time they are profitable have realised there liable and structure there business correctly.
 
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guest41766

0 0
Why would anyone who's profitable intrday SB on a pony platform when your gonna pay income tax you goto Futures mkt or Spot mkt
 
 
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