Are all my spread bet profits tax free?

[Strugglingtrader]

are those returns actual ?...........

although I admire people planning ahead - personally I say don't worry about paying tax on profits until you are kicking regular butt ...........life has a habit of not turning out as you hope ...worry about making regular money first on a decent platform ......

good luck

N

Many thanks for your comments, so far the returns are accurate but I know that I am only one bad trade away from humility. Been doing this for sometime on and off and still have my heart in my throat, but it's all my money which makes a big difference, as I can't live with myself for losing other people's hard earned money.

 

[Splitlink]

Thank you for commenting on my post. Could I ask you why you would be prepared to pay 20% the government? I'm probably getting ahead of myself (no doubt), but if the trading goes well and you do fall within the authorities interpretation of spread betting profit being a taxable income, would it not be better to move to another country?

I know this is only worth considering when the profits are of some worth, but just wondering.

Peace and quiet. Tax avoidance or evasion makes for a miserable existance, IMO. I have other things to spend my time on. The Spanish are going through a clean up phase. We have innumerable court cases going on, involving some of the nation's most influential people. Jordi Pujol, the Catalan ex-president. He, his wife and seven kids were all at it. Another one is the present king's sister, Cristina.. If you want to go further, check up on Bankia's black credit cards and what Andalucia has been up to was nobody's business--now it is everybody's

No one wants to pay taxes but somebody has to. Jordi Pujol is older than me and he has no desire to die in any other country, except the one he loves. I feel that way, too. The older you get, the more it gets to you.

 

[Forexmospherian]

Dear Sir,

............................

.......................................

I would be grateful for any guidance. With respect to the stake size under say 3% max of your capital. Do you mean if my account size is let's say £25,000 then my stake should be no more than £750 per point?
Also if I were to move offshore to a tax free jurisdiction, wouldn't then all the profits I make from spread betting be tax free?
I know it's going alright now and I'm probably running ahead of myself, but I just feel this is my last chance and I really want to get things right.
Thank you in advance.
Sincerely,
ST.

Hi ST

Just read this part in italics ( see your comment above )

I am amazed if you have been involved in trading for many years and not understand your stake size risk? Normally it is advisable to stay under 2% and lower - but I have only suggested 3% simply because you are supposed to be a very experienced spread better and for the returns you are suggesting should have ways of not having 7 or 10 or more consecutive losses in a row.

The risk though is not per point or pip - but based on the size of your planned exit point if the trade goes against you.

Lets say you have a 25 point stop - then on 3% on £25k account means the £750 risk is divided by your stop size - so in this case you would be betting with £30 per point or pip.

If your stop was larger - lets say 75 points / pip - then you would be betting with only £10 per point pip - so that if you got stopped out you have still not risked more than £750.

I am sure you must know that commercial traders dealing with very large capital account might only be risking very small % stake size ( ie under 0 05 % or lower) and so that's why their returns are so much lower than retail traders who after all are playing a different game. Capital preservation is top priority but if you are say trading a £10k account and are able to make 40 -50% returns per month with a very aggressive strategy - then if you can maintain in with no compounding whilst withdrawing profits - then even if you have a really bad run after month 4 or 6 + - your profits easily out weigh wiping your account .

With regards to spreadbetting and tax again - 95% of all spreadbetters will have no problem - its tax free - simply because most lose money and even the small percentage who win ongoing - already have jobs and therefore pay tax via their main occupation.

Its the very small percentage of full time winners who pay no tax on any other income that are looked upon differently - that's where the grey area is but if its small amounts then it might never be found out - but any full time spread better earning larger annual amount ( ie over $50 / 100k pa) on an ongoing basis - then that's a problem to the HMRC and they have ways to deal with it

GL

Regards


F

 

[timsk]

No, you are wrong FXMO I'm afraid.

+1
The tax free status of spread betting firms is, arguably, the primary reason why their clients use them in preference to other brokers and trading vehicles. It's their 'edge' in the broking world. If they promoted their products as being tax free when in fact they're not then, at the very least, they would be in breach of advertising standards, trading standards and would probably fall foul of the FCA. I've never heard of a spread betting firm getting into hot water with any regulatory body on account of promoting their products as being tax free. All of them do it and, in most cases, very openly and prominently.

This is just one example from ETX Capital:
"One of the advantages of spread-betting in the UK is that profits are tax-free. Since spread betting is currently considered to be a form of gambling by HMRC, no Capital Gains Tax is due on proceeds. This means that if you win you get to keep 100% of your profits, untaxed. However, losses cannot be used to offset taxes."

It's black and white, clear as day. Spread betting profits are tax free.
Tim.

 

[Forexmospherian]

+1
The tax free status of spread betting firms is, arguably, the primary reason why their clients use them in preference to other brokers and trading vehicles. It's their 'edge' in the broking world. If they promoted their products as being tax free when in fact they're not then, at the very least, they would be in breach of advertising standards, trading standards and would probably fall foul of the FCA. I've never heard of a spread betting firm getting into hot water with any regulatory body on account of promoting their products as being tax free. All of them do it and, in most cases, very openly and prominently.

This is just one example from ETX Capital:
"One of the advantages of spread-betting in the UK is that profits are tax-free. Since spread betting is currently considered to be a form of gambling by HMRC, no Capital Gains Tax is due on proceeds. This means that if you win you get to keep 100% of your profits, untaxed. However, losses cannot be used to offset taxes."

It's black and white, clear as day. Spread betting profits are tax free.
Tim.

Hi Tim

Yes they are tax free to maybe 90 -95 % of all traders - but not 100% and as I have pointed out already in another thread - there is the "grey area "

I had explained in a far amount of detail what happened to me on the other thread started originally by C V.

I will find out the details in the gambling act that allows Tax offices to treat full time spread betters who are not paying tax on any other form of revenues differently.

I had the chance to challenge this through the courts - but both my laywer and accountant advised me not to - due to the costs involved

I do believe there are other cases pending - but have not really looked into more since 2010.

Regards

F

First link worth looking at -

http://www.financial-spread-betting.com/Tax-free.html

 

[barjon]

Hi Tim

Yes they are tax free to maybe 90 -95 % of all traders - but not 100% and as I have pointed out already in another thread - there is the "grey area "

I had explained in a far amount of detail what happened to me on the other thread started originally by C V.

I will find out the details in the gambling act that allows Tax offices to treat full time spread betters who are not paying tax on any other form of revenues differently.

I had the chance to challenge this through the courts - but both my laywer and accountant advised me not to - due to the costs involved

I do believe there are other cases pending - but have not really looked into more since 2010.

Regards

F

First link worth looking at -

http://www.financial-spread-betting.com/Tax-free.html

Hi FXMO

The only grey area is whether any spread betting is regarded as part and parcel of a related business activity where it is possible, but not likely, that it may be regarded as part of the whole and the overall profits taxable.

If your own experience fell into this category, fair enough. Otherwise you were probably badly advised

Cheers

 

[Strugglingtrader]

Peace and quiet. Tax avoidance or evasion makes for a miserable existance, IMO. I have other things to spend my time on. The Spanish are going through a clean up phase. We have innumerable court cases going on, involving some of the nation's most influential people. Jordi Pujol, the Catalan ex-president. He, his wife and seven kids were all at it. Another one is the present king's sister, Cristina.. If you want to go further, check up on Bankia's black credit cards and what Andalucia has been up to was nobody's business--now it is everybody's

No one wants to pay taxes but somebody has to. Jordi Pujol is older than me and he has no desire to die in any other country, except the one he loves. I feel that way, too. The older you get, the more it gets to you.

Thanks for your feedback.
Best.
ST

 

[timsk]

Yes they are tax free to maybe 90 -95 % of all traders - but not 100% and as I have pointed out already in another thread - there is the "grey area" . . .

Hi FoMo,
I think you're coming at this from the wrong angle. Providing links to support your claims would be helpful if they are rooted in fact and provide solid evidence. I've nothing against the site you link to in your last post - but it doesn't do that as far as I can see. If you're correct in your assertion then, somewhere, someone who's been collared by HMRC to pay tax on spread betting profits must, surely, have filed a registered complaint and/or sued their spread betting company? That's the link I'd be interested in seeing and would lend weight to your claim.

As it is, I've never seen on ETX, IG, Capital Spreads etc. anything other than the very clear statement quoted in my last post. If there was any doubt, they would cover themselves with "spread betting is tax free unless it's you're only (or main) source of income" - or something along those lines. Alternatively, "spread betting is tax free to maybe 90 -95 % of all traders - but not 100%." They don't do that and for good reason. Namely, how would a prospective customer of a spread betting company know whether or not they fall into the 90% tax free status or the 10% taxable status? It's a rhetorical question as the answer is obvious. Clearly, they wouldn't know. Spread betting companies would go out of business overnight if they started adding caveats like those to their advertising and marketing campaigns.

If you're going to provide links, do so to customers who have challenged the spread betting companies or filed complaints with advertising standards, trading standards and the FCA for soliciting and gaining clients by making false and misleading claims.
Tim.

 

[Strugglingtrader]

Hi ST

Just read this part in italics ( see your comment above )

I am amazed if you have been involved in trading for many years and not understand your stake size risk? Normally it is advisable to stay under 2% and lower - but I have only suggested 3% simply because you are supposed to be a very experienced spread better and for the returns you are suggesting should have ways of not having 7 or 10 or more consecutive losses in a row.

The risk though is not per point or pip - but based on the size of your planned exit point if the trade goes against you.

Lets say you have a 25 point stop - then on 3% on £25k account means the £750 risk is divided by your stop size - so in this case you would be betting with £30 per point or pip.

If your stop was larger - lets say 75 points / pip - then you would be betting with only £10 per point pip - so that if you got stopped out you have still not risked more than £750.

I am sure you must know that commercial traders dealing with very large capital account might only be risking very small % stake size ( ie under 0 05 % or lower) and so that's why their returns are so much lower than retail traders who after all are playing a different game. Capital preservation is top priority but if you are say trading a £10k account and are able to make 40 -50% returns per month with a very aggressive strategy - then if you can maintain in with no compounding whilst withdrawing profits - then even if you have a really bad run after month 4 or 6 + - your profits easily out weigh wiping your account .

With regards to spreadbetting and tax again - 95% of all spreadbetters will have no problem - its tax free - simply because most lose money and even the small percentage who win ongoing - already have jobs and therefore pay tax via their main occupation.

Its the very small percentage of full time winners who pay no tax on any other income that are looked upon differently - that's where the grey area is but if its small amounts then it might never be found out - but any full time spread better earning larger annual amount ( ie over $50 / 100k pa) on an ongoing basis - then that's a problem to the HMRC and they have ways to deal with it

GL

Regards


F

Many thanks F for coming back to me.
I've traded L/S Equities, Vol and convertible arb but spread betting as you know is different. No diversification very focused trades, but you're right I won't be going over 3%.
I think from a tax perspective I will see how things go till April and then make a decision on the viability of doing this in the UK.
Thanks again and hope we connect sometime again when there is something positive to share and I haven't blow up.
Best
ST

 

[Forexmospherian]

Hi FoMo,
I think you're coming at this from the wrong angle. Providing links to support your claims would be helpful if they are rooted in fact and provide solid evidence. I've nothing against the site you link to in your last post - but it doesn't do that as far as I can see. If you're correct in your assertion then, somewhere, someone who's been collared by HMRC to pay tax on spread betting profits must, surely, have filed a registered complaint and/or sued their spread betting company? That's the link I'd be interested in seeing and would lend weight to your claim.

As it is, I've never seen on ETX, IG, Capital Spreads etc. anything other than the very clear statement quoted in my last post. If there was any doubt, they would cover themselves with "spread betting is tax free unless it's you're only (or main) source of income" - or something along those lines. Alternatively, "spread betting is tax free to maybe 90 -95 % of all traders - but not 100%." They don't do that and for good reason. Namely, how would a prospective customer of a spread betting company know whether or not they fall into the 90% tax free status or the 10% taxable status? It's a rhetorical question as the answer is obvious. Clearly, they wouldn't know. Spread betting companies would go out of business overnight if they started adding caveats like those to their advertising and marketing campaigns.

If you're going to provide links, do so to customers who have challenged the spread betting companies or filed complaints with advertising standards, trading standards and the FCA for soliciting and gaining clients by making false and misleading claims.
Tim.

Another example in another unrelated industry - is mobile phone contracts.

Over the last 5 yrs - the small print as had to go through a lot of change - after the big advertising campaign - say - FREE UNLIMITED TEXTS

This was also challenged in the courts after parents had bills on the children's mobiles after they had racked up over 2 or 3000 texts in the month

Free unlimited texts applied to yet again maybe 80 -90% of all phone users - but the line providers protected themselves by setting limits and in most cases in became free up to 2000 texts up to 30 days . Texts 2001 and 2050 might then cost you a £1 a text or something daft.

All spreadbetting companies will in their small print protect themselves - quite easily - because regulations can change quite quickly.

It is not in the interest of the UK government to tax spread betters or gamblers as long as over 75% continue to lose. If this was to change over the next 2 -5 years - which I very much doubt will happen - then it may be reviewed again.

I had advice of a tax expert at KPMG in Birmingham - along with a friend who worked at Grant Thornton - both very large reputable accountancy firms.

My situation was complex and far from the ordinary - not helped by my previous run ins with the old IR offices from the late 80's.

As I am sure you know Tim - nothing regarding tax laws is 100% black or white - in fact it reminds me of trading in that sense ;-)

Regards


F

 

[timsk]

Hi FoMo,

Another example in another unrelated industry - is mobile phone contracts . . .

off topic and unhelpful! Let's stick to spread betting - pretty please.

All spreadbetting companies will in their small print protect themselves - quite easily - because regulations can change quite quickly.

Well, if you'd care to look at the small print of ETX Capital and highlight the part that relates to the claim prominently displayed on their website clearly saying that spread betting profits ate tax free - that would be helpful. If SB companies make a false claim in their marketing to attract new business and then negate themselves in their small print, that's unacceptable and, as I've said repeatedly, must fall foul of advertising standards, trading standards and the FCA. Otherwise, they may as well say anything to attract new business - make up any ol' bollox - and then cover themselves in the small print, lol!

It is not in the interest of the UK government to tax spread betters or gamblers as long as over 75% continue to lose. If this was to change over the next 2 -5 years - which I very much doubt will happen - then it may be reviewed again.

So, are you now saying that spread betting is tax free? It's either 100% tax free or it isn't.

I had advice of a tax expert at KPMG in Birmingham - along with a friend who worked at Grant Thornton - both very large reputable accountancy firms.

My situation was complex and far from the ordinary - not helped by my previous run ins with the old IR offices from the late 80's.

As I am sure you know Tim - nothing regarding tax laws is 100% black or white - in fact it reminds me of trading in that sense ;-)

I can't comment on your personal experiences as I know nothing about your trading activities or tax affairs. Unless you can provide a copy of a letter from HMRC that clearly states that you have to pay tax on profits made via spread betting - then I can only conclude - like barjon - that either you were poorly advised by your accountants or there are other factors you're not telling us about that would explain it.
Tim.

 

[Forexmospherian]

Hi FoMo,

off topic and unhelpful! Let's stick to spread betting - pretty please.


Well, if you'd care to look at the small print of ETX Capital and highlight the part that relates to the claim prominently displayed on their website clearly saying that spread betting profits ate tax free - that would be helpful. If SB companies make a false claim in their marketing to attract new business and then negate themselves in their small print, that's unacceptable and, as I've said repeatedly, must fall foul of advertising standards, trading standards and the FCA. Otherwise, they may as well say anything to attract new business - make up any ol' bollox - and then cover themselves in the small print, lol!


So, are you now saying that spread betting is tax free? It's either 100% tax free or it isn't.


I can't comment on your personal experiences as I know nothing about your trading activities or tax affairs. Unless you can provide a copy of a letter from HMRC that clearly states that you have to pay tax on profits made via spread betting - then I can only conclude - like barjon - that either you were poorly advised by your accountants or there are other factors you're not telling us about that would explain it.
Tim.

Certainly not poorly advised by 2 top accountancy firms

I think you are not following what I have already said and trying to get a "yes or no" answer - when it fact its NOT black or white.

I repeat - spreadbetting is tax free for maybe 90 -95% of all traders.

However - it is not tax free for professional type gamblers who are full time and are not paying any tax from other revenues they earn outside trading.

I will also repeat you have no need to worry if you have a clean tax history - are not a full time spread better and pay tax to the HMRC from other sources of revenue.

I hope that clarifies it more

Regards


F

 

[barjon]

Certainly not poorly advised by 2 top accountancy firms

I think you are not following what I have already said and trying to get a "yes or no" answer - when it fact its NOT black or white.

I repeat - spreadbetting is tax free for maybe 90 -95% of all traders.

However - it is not tax free for professional type gamblers who are full time and are not paying any tax from other revenues they earn outside trading.

I will also repeat you have no need to worry if you have a clean tax history - are not a full time spread better and pay tax to the HMRC from other sources of revenue.

I hope that clarifies it more

Regards


F

Nope, sorry fxmo. You really musn't mislead people. I don't know what you'd been doing to incur the wrath of HMRC (as they are now) but I'm surprised that a man of your talents (self proclaimed) would deign to stoop to spreadbetting at all

CG56105 from HMRC defines spread-betting and its tax free status.

BIM 22017 is the relevant precedent case law about professional gamblers who derive their income from gambling as their sole means of livlihood. You will note the slight sting in the tail I talked about.

 

[Forexmospherian]

Nope, sorry fxmo. You really musn't mislead people. I don't know what you'd been doing to incur the wrath of HMRC (as they are now) but I'm surprised that a man of your talents (self proclaimed) would deign to stoop to spreadbetting at all

CG56105 from HMRC defines spread-betting and its tax free status.

BIM 22017 is the relevant precedent case law about professional gamblers who derive their income from gambling as their sole means of livlihood. You will note the slight sting in the tail I talked about.

Sorry Barjon

I am confident i am 100% correct with regards to spreadbetting the FX market in the UK.

You case history is far too old to be relevent for today - in fact several cases since 2010 and I will find them out

Like I say - and I know I am 100% correct - it is tax free for maybe 90 -95% of all traders - but it is NOT tax free for 100% of all traders - the traders who are earning a full time income - AND not paying any tax from other sources of income are the ones that fall into the "grey area" and In my own case I have actually had to pay a negoiated settlement - that would have turned out far cheaper then taking my own case throught the courts.

I have personal experience. I have to swear on oath 3 times whilst being questioned at Birmingham's main tax offices in the City Centre - and I can assure it is not a black and white straight cut afffair as you are maybe trying to portrait.

In fact if you were to contact say 3 different tax offices around the UK this week - I would be very surprised if you received a clear answer off any of them

Regards


F

PS - Maybe you need to read this link as well Barjon -

http://www.tradingspreadbetting.com/trade/trading-and-taxes

Circa 2014

 

[barjon]

Sorry Barjon

I am confident i am 100% correct with regards to spreadbetting the FX market in the UK.

You case history is far too old to be relevent for today - in fact several cases since 2010 and I will find them out

Like I say - and I know I am 100% correct - it is tax free for maybe 90 -95% of all traders - but it is NOT tax free for 100% of all traders - the traders who are earning a full time income - AND not paying any tax from other sources of income are the ones that fall into the "grey area" and In my own case I have actually had to pay a negoiated settlement - that would have turned out far cheaper then taking my own case throught the courts.

I have personal experience. I have to swear on oath 3 times whilst being questioned at Birmingham's main tax offices in the City Centre - and I can assure it is not a black and white straight cut afffair as you are maybe trying to portrait.

In fact if you were to contact say 3 different tax offices around the UK this week - I would be very surprised if you received a clear answer off any of them

Regards


F

PS - Maybe you need to read this link as well Barjon -

http://www.tradingspreadbetting.com/trade/trading-and-taxes

Circa 2014

ok - i give up. I can only assume that there are no appeals listed in Tribunal because either no-one has yet found a way to make a living from spreadbetting, or HMRC haven't sought to tax anyone who has.

ps: that link is just someone taking a view not anything "official"

 

[tomorton]

BIM 22017 is the relevant precedent case law about professional gamblers who derive their income from gambling as their sole means of livlihood. You will note the slight sting in the tail I talked about.

I like the wording this BIM 22017 uses. I think in future I shall say trading is not an addiction, its my vocation.

 

[counter_violent]

Sorry Barjon

I am confident i am 100% correct with regards to spreadbetting the FX market in the UK.

You case history is far too old to be relevent for today - in fact several cases since 2010 and I will find them out

Like I say - and I know I am 100% correct - it is tax free for maybe 90 -95% of all traders - but it is NOT tax free for 100% of all traders - the traders who are earning a full time income - AND not paying any tax from other sources of income are the ones that fall into the "grey area" and In my own case I have actually had to pay a negoiated settlement - that would have turned out far cheaper then taking my own case throught the courts.

I have personal experience. I have to swear on oath 3 times whilst being questioned at Birmingham's main tax offices in the City Centre - and I can assure it is not a black and white straight cut afffair as you are maybe trying to portrait.

In fact if you were to contact say 3 different tax offices around the UK this week - I would be very surprised if you received a clear answer off any of them

Regards


F

Tax office largely doesn't have a clue when it comes to grey areas, which is why they are always behind the curve when pitted against creative accounting. The more complex a taxation system becomes, the more ineffective HMRC is at dealing with investigation and collection. We only need look at what has happened to the group who have risen to the top. They can afford to employ the best advisors working for these top accounting firms, but conversely, HMRC does not have unlimited resources to continue playing the chasing game. Interestingly, these top advisors are usually the ones who started off working for HMRC, then swap sides and become the advisors to those who can afford to continue play the game.

I certainly don't agree with your figures regarding how many spread bettors that would have anything to worry about. So this 90-95% figure you keep banding about, well it's just tosh innit !

 

[Forexmospherian]

ok - i give up. I can only assume that there are no appeals listed in Tribunal because either no-one has yet found a way to make a living from spreadbetting, or HMRC haven't sought to tax anyone who has.

That is how the Tax office can win many of their cases against individuals who are not multi millionaires ( i was 10 years plus ago - but not nowadays I am not - sorry to say)

As they say "The Law is like the Ritz hotel" - It open to all - but really only the rich can afford to use it.

In my own case - if I had wanted to take it further and fight it in a tribunal or even in the European courts etc etc - it would have cost tens of thousands to mount the case and carry it through etc etc.

The HMRC - know this and say to people quite clearly - if you are not happy - please take it further - but meanwhile you pay the tax owing now and then if you take it through the courts it might take a year or more and meanwhile they will stall it and if you dont win - you will face beside your own legal costs - those of the HMRC as well - and they will not be just a few thousand pounds - a you might guess.

If you do win - then OK - you can claim a full refund plus all your costs etc etc

Meanwhile - would you like to negoiate with us etc etc etc- rather than go through a year or two of uncertainty along with further investigation going back further than just the last 3 or 5 years etc etc.

I am a tough cookie and hate bullies - but I know when I am beaten and this case - I made an advised and calculated decision that they were nice people and changed tack completely - much to the disappointment of my lawyers - who maybe were looking forward to earning some nice fees ;-)

Regards


F

 

[Forexmospherian]

Tax office largely doesn't have a clue when it comes to grey areas, which is why they are always behind the curve when pitted against creative accounting. The more complex a taxation system becomes, the more ineffective HMRC is at dealing with investigation and collection. We only need look at what has happened to the group who have risen to the top. They can afford to employ the best advisors working for these top accounting firms, but conversely, HMRC does not have unlimited resources to continue playing the chasing game. Interestingly, these top advisors are usually the ones who started off working for HMRC, then swap sides and become the advisors to those who can afford to continue play the game.

I certainly don't agree with your figures regarding how many spread bettors that would have anything to worry about. So this 90-95% figure you keep banding about, well it's just tosh innit !

Hi CV

Well - what do you reckon - 75 - 80% or even 90% of all spreadbetters will lose anyway - so they will not have to worry about tax on their annual profits.

The HMRC and the government and the spread betting companies all know this anyway.

Then if you get say 10 -15 % making say £5 - 25K per annum from spreadbetting - its not worth the hassle - but if its just say 2 or 3% making over say £50K or £100k+pa and not paying any tax - well they are the ones who will be chased and cornered

In the UK in terms of actual people - would this add up to even 500 people ??

I don't know to answer that one ?


Regards


F

 

[counter_violent]

Hi CV

Well - what do you reckon - 75 - 80% or even 90% of all spreadbetters will lose anyway - so they will not have to worry about tax on their annual profits.

The HMRC and the government and the spread betting companies all know this anyway.

Then if you get say 10 -15 % making say £5 - 25K per annum from spreadbetting - its not worth the hassle - but if its just say 2 or 3% making over say £50K or £100k+pa and not paying any tax - well they are the ones who will be chased and cornered

In the UK in terms of actual people - would this add up to even 500 people ??

I don't know to answer that one ?


Regards


F

Well I have no idea how many people would be affected, if any ! and clearly, neither do you. So given that we can find no examples and no official figures either from HMRC or the spread betting industry, then the default position has to be, that spread betting profits are not treated as taxable income.