Do you pay tax on your winnings Lee ?So............????
Spreadbetting is gambling and winnings are not taxable.
Thats it...simple...Doesn't matter how much you win, it's still not taxable, wheter it's £1 or £1 million pound on 'who wants to be a millionaire' or on the horses, regualr basis or a one off. A bet is a bet and a win a win. Gambling is gambling, theres no grey area. Gambling is not taxable. It's not an income.
Lets stop the confusement.
Spread betting in the U.K under current law is not classed as an income and not taxable.
Spread betting is not taxable.
What you win from spreadbetting on the markets is all yours. Not the tax office. All yours.
(currently under U.K legislation)