I BET not a lot of people know this !!!

[LosPinos]

I thought the house always wins which is why you never see a bookies go out of business?
To open for manipulation to deal through a betting company.... Dont get me wrong I use the like of CMC and Ig and I do spread bet but not a great deal because they move the goal posts no matter how much they say they dont.

 

[cm420]

Spread betting is gambling all or at least 99% gamblers looses their money in gambling any way so why bother with Tax Man....

 

[greigmcl]

Hasn't this been discussed in the Spread Betting forum, there are now pages about it on the HMRC website and it is tax free regardless.

BIM22017 - Trade: Exceptions & alternatives: Betting and gambling - the professional gambler

BIM22015 - Trade: Exceptions & alternatives: Betting and gambling - introduction

That's a great find Neil, thanks for posting it.

It does beg another question though. I had a bet on with igindex earlier in the year - a buy on Tesco would you believe - and ig paid out a 'dividend' when it went ex-divi. 90%, same as I would have had had I actually bought the shares. I got out fairly quickly as it was going down/nowhere and the 'dividend' constituted most of the profit. I wonder how they would account for that, or if it could be used as an avenue to get some of the tax? It might be a zero-sum game for them after all, as a lot of the shares gamblers tend to be long more than short.

OT: reading the professional gamber part again it does also suggest that quite a few of those on betfair should be paying attention to it as they specifically mention bookmaking as taxable, er...oops :whistling

 

[rsh01]

OT: reading the professional gamber part again it does also suggest that quite a few of those on betfair should be paying attention to it as they specifically mention bookmaking as taxable, er...oops :whistling

Sorry are you saying people making money on betfair may be liable for income tax cos they 'mention bookmaking as taxable'?

Betfair doesn't 'make books' btw, its an exchange, the other side is other punters (and sometimes bookies).

Betfair also charges 60% commissions for the top earners, so if it was taxable income that would pretty much kill the professional gambler using betfair.

An aside: there seems to be a lot of inane one sentence posts from low number posters which are namedropping SB firms (and of course plenty more of the same which don't mention SB), do they employ ppl to post? Prob just normal for t2w.

 

[barjon]

That's a great find Neil, thanks for posting it.

It does beg another question though. I had a bet on with igindex earlier in the year - a buy on Tesco would you believe - and ig paid out a 'dividend' when it went ex-divi. 90%, same as I would have had had I actually bought the shares. I got out fairly quickly as it was going down/nowhere and the 'dividend' constituted most of the profit. I wonder how they would account for that, or if it could be used as an avenue to get some of the tax? It might be a zero-sum game for them after all, as a lot of the shares gamblers tend to be long more than short.

OT: reading the professional gamber part again it does also suggest that quite a few of those on betfair should be paying attention to it as they specifically mention bookmaking as taxable, er...oops :whistling

Standard practice you were just compensated for the fall in the share price as it went ex-dividend.So you didn't gain anything.

 

[neil324]

That's a great find Neil, thanks for posting it.

It does beg another question though. I had a bet on with igindex earlier in the year - a buy on Tesco would you believe - and ig paid out a 'dividend' when it went ex-divi. 90%, same as I would have had had I actually bought the shares. I got out fairly quickly as it was going down/nowhere and the 'dividend' constituted most of the profit. I wonder how they would account for that, or if it could be used as an avenue to get some of the tax? It might be a zero-sum game for them after all, as a lot of the shares gamblers tend to be long more than short.

OT: reading the professional gamber part again it does also suggest that quite a few of those on betfair should be paying attention to it as they specifically mention bookmaking as taxable, er...oops :whistling

I never found it to be honest, some other T2W member posted it in the Spread Betting forum and I was just posting it here.

BIM22017 has only been on the HMRC website for a couple of months so it seems they have gone out their way to clarify a few points.

 

[6am]

Betfair doesn't 'make books' btw, its an exchange, the other side is other punters (and sometimes bookies).

Did not they add "fixed odds" recently where you bet agains betfair not other punters.

 

[rsh01]

Ah 6am, possibly, not been on for a while but do recall seeing a news release.
Not sure how many of the top traders wld use the odds provided by betfair.

 

[luckystrike23]

the original author of this thread adalat took the response from

So is Spread Betting really tax-free?

in future please quote the source...

 

[barjon]

the original author of this thread adalat took the response from

So is Spread Betting really tax-free?

in future please quote the source...

Yes, adalat apologised for that earlier in the thread. Doesn't matter much since it was incorrect.