Day trading and capital gains

[MarillionFan]

Just 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

[AtW]

Just 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

Sounds BS. Got some links?

[MarillionFan]

Sounds BS. Got some links?

day trading and capital gains/losses | Trade2Win Forums

day trading and capital gains - Google Search=

Loads.

Fricking, frickety, frick frick!

(It even says. The temptation to trade in and out in a bear market will be considered taxable income!!!!)

[BlasterBates]

You´ll probably find it´s always been the case. My experience is in the countries I´ve worked in they differentiate between trading as a business, i.e. frequent trading and buying and selling derivatives, and private investments, where you keep shares for a year. Then there is a grey area inbetween. One of the reasons that´s put me off day trading, as they might decide to tax the whole lot as a trading business. It depends to some extent on how much you make.

[AtW]

Well, this only proves that DimPrawn is right using gambling tulip - 0% tax, probably same results!

[centurian]

Kind of makes sense - the lower rate of tax for CGT is to reward investment - day trading is hardly investing in the enterprise of an organisation, especially if you are shorting.

[AtW]

So if you trade on weekends, then it's ok?

[suityou01]

Just 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

You really are an eegit aren't you?

[Moscow Mule]

I think the same rules apply to spread betting (rinky-dinky-linky).

So the real question is - does that tat shop make enough to live on?

[DimPrawn]

I think the same rules apply to spread betting (rinky-dinky-linky).

So the real question is - does that tat shop make enough to live on?

If 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!