Professional Day Trading

[fltbear]

There are plenty of good examples of persons - corporate & individual - who pay tax on their income from gaming winnings. That is so notwithstanding there being no betting tax or enforceable contract EG:-
William Hill, Ladbrokes, IG Index, CMC etc. Those on the other side of the wager are in no different position.
If you are unsure of your position seek professional advice. Even H.M. Commissioners of Inland Revenue will assist you (for free) if you care to enquire.

 

[Grey1]

May i suggest to make the money first and think of paying tax after.... (I rather to pay tax on my earnings than dealing with spread betting companies)..
You wont win in long term if u day traded using Spread betting companies... So you wont earn hence no TAX

easy and simple

 

[jls483]

Not so easy and simple grey1 - why do you think I asked the question. I am making money from spreadbetting companies - how much is between me and the taxman!

 

[fltbear]

jls483
Sorry jls483, I'm afraid round about your personal and other allowances if spread betting is your (or one of your) trade(s) or profession(s).

 

[CityTrader]

Still no one on here has admitted to paying income tax on Spreadbetting gains if that's their main form of trade/income???

Wayno

 

[Mr. Charts]

My accountant says if you spreadbet the IR can and do tax you.
Wayno - "Warm Norm" sends his best for the future
R

 

[Mr. Charts]

...assuming spreadbetters make a living from it. How many long term - I do wonder ;-)

 

[fltbear]

wayno

Doesn't need to be ones main income.

If one labours all day as a neurosurgeon then works in a bar at night to supplement the main income then tax is payable on both in aggregate.

Listen to Mr. Charts he speaks with non forked tongue

Regrettable but true!!

fltbear

 

[CityTrader]

Surely he's not so "warm" Norm if he's retired?!!

 

[CityTrader]

[No message]

 

[fltbear]

wayno

Fraid so.

Seriously, if that is your position you really ought to take professional advice.

Not nice, and very expensive if not insured, when HMCIR come knocking on your door to investigate.

fltbear

 

[CityTrader]

ftlbear/Mr Charts..
sounds like I may have to allow for it, and then just pray it never happens!

wayno

 

[fltbear]

wayno

Not as bad as it sounds. At least you have to make a profit before you become liable (if at all) to the dreaded and they can't take it all.

'Advantage' of being taxed is that if they are to take with one hand they must return on losses with the other.

Chin up!

fltbear

 

[fltbear]

Wayno

Still no one on here has admitted to paying income tax on Spreadbetting gains

Never admit to anything!!

 

[CityTrader]

fltbear :- Yes, but of course your losses are only offset against your profits- (obviously) if you finish the year £10,000 down, they are not going to rebate you £4,000 ( unless possibly you've had profits from previous years) - and if I finnish the year down, I may as well go back to getting a proper job!!

Wayno

 

[Mr. Charts]

wayno - how did he get his name? I only want to know so I can blackmail him. Maybe you should email the answer ;-))
Maybe you should edit out your 6.15 post too..........;-)
Long ago on ESI (became etrade) I jokingly said I was a Special Compliance Officer for the IR - all my "friends" disappeared.....;-)
R

 

[nobrainer]

Wayno, I remember in the days of early 2000 going to monthly investor club meetings in Bushey.The 1 thing most traders esp. myself wanted to know about was 1st hand how marketmakers really operated.Pity, its taken so long before I've traced one!!
Btw, I'll be shocked if a MM manages to end the year down.Good Luck.

 

[Mr. Charts]

.

 

[CityTrader]

nobrainer. in 2000 I went along to one of the spreadbetting firms xmas parties (as a client)- drinks in Corney's Cannon street. They had invited all the bigger clients along. I ended up, getting cornered by some guy from scunthorpe, who wanted to know, how the market makers had cost him so much money in Skillsgroup. He seemed to have some sort of conspiracy theory... he was drunk. He kept jabbing me on the shoulder to make a point. Bits of food kept flying out of his mouth onto my jacket. I had to get one of the spreadbet guys ( Dave) to get him away from me - it was a fcking horrific night. Now, generally if people ask what I do, I claim to be a " fixer". and just leave it at that. ( hoping they'll think I'm like the Harvey Keitell Character in Pulp Fiction!) Not sure I really want to start an open Q&A session on "The role of the market maker in equity trading in The City" not even after doing it for 17 years. ( was Big bang really that long ago?) Maybe I should write a book, or be a highly paid guest speaker at some sort of trading seminar ( or charting 1-1?!!!)
Mr Charts- lost your email address- if you still have mine, email me, and I'll let you know where the "warm" came from- not that juicy I'm afraid...

Wayno

 

[Mr. Charts]

In your box, wayno. Shucks, after 25 years of friendship with him, I thought I'd found a weak spot - you know, City big cheese does five lap dancers in an hour whilst shorting Marconi..........;-O
R