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.
Yes, profits from spread betting in the UK and Ireland are tax-free. This is because spread betting winnings are regarded as gambling winnings by the HMRC, however do note that this ruling is intended for recreational betters.www.spreadbettingportal.com
You are quoting an article written on May 24, 2018 at 10:48 pm by 'David'.
David says in his bio: "A few years ago I discover a whole new world of opportunity: spread betting on the financial markets."
David, has been spread-betting for a few years.
You wrote: "The only idiots are you SB pikeys"
You are taking financial advice from an idiot SB pikey.