Difference between Spread betting and CFDs

[1nvest]

yeah I put that HMRC post on there...I now an official SB pikey

And who said miracles don't happen?


🍾

well he has to learn to read first, and then be able to listen and comprehend...and still send his first self assessment form in.
we're along way from a miracle.
all those youtube videos to argue with..i cant believe he's given in so easily.

 

[0FXTrader0]

From what I've read you don't need to declare spread bet winnings on a self assessment as its a non taxable product.

 

[postman]

yeah I put that HMRC post on there...I now an official SB pikey

Welcome to the club.
All you need to do now is choose your caravan.

 

[0FXTrader0]

Forget lambos and jet skis this is pimping

 

[postman]

Forget lambos and jet skis this is pimping

Is that Chrome wrap?

 

[new_trader]

☝️What are you using to keep the fire burning, Self Assessment forms and helpsheets?

 

[1nvest]

From what I've read you don't need to declare spread bet winnings on a self assessment as its a non taxable product.

no shit sherlock

 

[0FXTrader0]

Seems our resident 'expert' and spread-bet taxpayer is a tad off the mark (again).

Bitcoin [BTC} Price Quote : 17:40 GMT Feb'16 2021 £34,808.54

That's errr, a 72% gain this year. A truly spectacular crash.

[NOT}

😁

Is that Chrome wrap?

aluminium with a lead roof

 

[postman]

aluminium with a lead roof

Where did you steal - I mean 'buy' the lead? And is there any left? 😄

 

[MasterOfCoin]

.... not much. --

 

[mpups]

From what I've read you don't need to declare spread bet winnings on a self assessment as its a non taxable product.

Excellent, I'm glad you got there in the end!

"An activity of buying and selling shares and other financial instruments undertaken by an individual will normally amount to investment or speculation falling short of trading unless there are factors which take the case ‘out of the norm’... " (the word "trading" here means trading as a business)

BIM56860 - Financial traders - instruments and shares: three cases involving individuals - HMRC internal manual - GOV.UK

www.gov.uk

This means even with CFDs, Options, Futures or direct Shares an individual will normally not be liable to income tax no matter how many transactions they've made, it is only capital gains tax they have to consider. Spread-betting would normally be exempt from both - that is the difference.

"Though the terminology used in spread betting frequently echoes that of the derivatives market, no assets are acquired or disposed of and no chargeable gains or allowable losses arise from spread betting"

CG56105 - Futures: financial futures: financial spread betting - HMRC internal manual - GOV.UK

www.gov.uk

 

[0FXTrader0]

I have reverted to CFD trading as spread betting is more costly to trade and executions, platform performance is poor.

 

[tomorton]

Another difference is that profits from spread betting are not subject to capital gains tax, while CFDs are taxable. Also, spread betting is limited to certain expiration dates, whereas CFDs are not. For betting, I use [link removed] I like the design and the number of game choices.

Spreadbets are not all automatically limited to expiry dates. I think you're thinking of something else.