Originally posted by DimPrawn
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Day trading and capital gains
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Hmm, strange that spread betting companies are so successful in the UK. I wonder why."A life, Jimmy, you know what that is? It’s the s*** that happens while you’re waiting for moments that never come." -- Lester FreamonComment
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Originally posted by Freamon View PostHmm, strange that spread betting companies are so successful in the UK. I wonder why.Knock first as I might be balancing my chakras.Comment
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From the terms and conditions of Smart Live Markets (the SB broker I use):
(c) Under current UK tax law UK individual clients are not liable to pay tax on any Spread Betting profits. We pay the betting duty to the Inland Revenue. If this tax law changes, we reserve the right to pass this cost onto you, giving you one months notice.
Simple as that. Does not say if or buts, just no tax whatsoever, we (the broker) pay your betting duties.
If the IR ever challenge me, I'll be presenting this as evidence of due diligence as to tax situation.Comment
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Originally posted by DimPrawn View PostIf you read that, you'll see that you only lose the tax free status of spreadbetting if you have no other forms of income and hance aren't paying any tax.
So to summarise, get some BTL's, pay some tax on the rental income and make your real living "gambling" on forex.
Boomed!"Is someone you don't like allowed to say something you don't like? If that is the case then we have free speech."- Elon MuskComment
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Originally posted by MarillionFan View PostJust got my self assessment back from my accountants and they've but a note on to the tune of 'MF just so you know the way you are trading (day trading) is considered taxable income by HMRC and will not count towards your capital gains as they consider that you are working as a 'trader'.
Just done some Google searches and it appears they are correct!!
So what's the deal here? Since when did you have to keep stocks for more than a few days at a time to count towards Capital Gains!!!mad"Is someone you don't like allowed to say something you don't like? If that is the case then we have free speech."- Elon MuskComment
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Originally posted by DimPrawn View PostFrom the terms and conditions of Smart Live Markets (the SB broker I use):
(c) Under current UK tax law UK individual clients are not liable to pay tax on any Spread Betting profits. We pay the betting duty to the Inland Revenue. If this tax law changes, we reserve the right to pass this cost onto you, giving you one months notice.
Simple as that. Does not say if or buts, just no tax whatsoever, we (the broker) pay your betting duties.
If the IR ever challenge me, I'll be presenting this as evidence of due diligence as to tax situation.
So is Spread Betting really tax-free?
There is quite a long thread here.
Tax Forum :: Free Tax Advice • Professional Gambler & Income Tax : Income Tax
It came into the fore a couple of years ago with the tax situation of professional poker players. Can't remember the result.Comment
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Originally posted by ASB View PostBut if it's your only income then it could theoretically be classed as your trade and taxed.
So is Spread Betting really tax-free?
There is quite a long thread here.
Tax Forum :: Free Tax Advice • Professional Gambler & Income Tax : Income Tax
It came into the fore a couple of years ago with the tax situation of professional poker players. Can't remember the result.
Simples.Comment
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Originally posted by DimPrawn View PostI've already said, you just need another income that you pay tax on, and a few BTL where you pay tax on the rent is ideal, or a bit of contracting every now again.
Simples.Comment
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Originally posted by DimPrawn View PostI've already said, you just need another income that you pay tax on, and a few BTL where you pay tax on the rent is ideal, or a bit of contracting every now again.
Simples."A life, Jimmy, you know what that is? It’s the s*** that happens while you’re waiting for moments that never come." -- Lester FreamonComment
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