Best Thread CMC Markets owner answers your questions

[gle101]

Check out www.InexeperiencedandDelusionalPikers.co.uk, our subscriber list is growing fast.

What a domain name, impossible to remember.

 

[gle101]

Why don't we get reports from live traders. Either there aren't too many, or there is noting to complain about. Don't they read this thread. The man himself is here!

 

[Ross Spur]

Why don't we get reports from live traders. Either there aren't too many, or there is noting to complain about. Don't they read this thread. The man himself is here!

I keep wondering the same. A lot of people visit this thread, but we still don't seem to have anyone who's actually signed up and used the live next gen platform.

 

[PC at CMC Markets]

Hi gle101
Best manager we had since we won the world cup in 1966. I remember it well.

cheers pc

Yes I read about it, well that is the name of the game I guess. He has been through quite a lot. The British were too hard on him when he did a good job a few years back. Yes I guess she is eager to get on the course again, not too fun with only business I guess. You are talking about golf, no maybe not, a TV personality perhaps.

 

[PC at CMC Markets]

Hi Ross
it is tax free but it depends on your circumstances that is why you need to get your own advice. Will have something soon back from my finance department. dont panic Mr Mannering
tks pc

If SB isn't tax-free, there would seem to be a major problem with the way it's been promoted for the last decade or so! In fact, the whole industry would fall apart, and Europe would soon be full of deep discount futures brokers instead, as in the US.

 

[PC at CMC Markets]

The answer is there is nothing to complain about. If it wasnt for you and Ross life would be great ha ha

I promise you we have plenty of people using the system, more than we have ever had on spread bet.

pc

Why don't we get reports from live traders. Either there aren't too many, or there is noting to complain about. Don't they read this thread. The man himself is here!

 

[PC at CMC Markets]

couldnt open the page for some reason
pc

What a domain name, impossible to remember.

 

[PC at CMC Markets]

might just be that you and gle101 are in the minority. but hey just keep soldiering on with the cause long live the head liners.... :clap:

I keep wondering the same. A lot of people visit this thread, but we still don't seem to have anyone who's actually signed up and used the live next gen platform.

 

[gle101]

The answer is there is nothing to complain about. If it wasnt for you and Ross life would be great ha ha

I promise you we have plenty of people using the system, more than we have ever had on spread bet.

pc

We take away the illusion and a new Peter will emerge, ha ha.:innocent:

I wonder how many that was?

 

[PC at CMC Markets]

TV personality. Use to read the weather here, good looking girl with big personality if you know what I mean.

Yes I read about it, well that is the name of the game I guess. He has been through quite a lot. The British were too hard on him when he did a good job a few years back. Yes I guess she is eager to get on the course again, not too fun with only business I guess. You are talking about golf, no maybe not, a TV personality perhaps.

 

[PC at CMC Markets]

always the sceptic.

We take away the illusion and a new Peter will emerge, ha ha.:innocent:

I wonder how many that was?

 

[gle101]

always the sceptic.

I have never consider CMC being big in SB, CFDs though, one of the top players I guess.

 

[PC at CMC Markets]

regarding tax on spread betting this is what my guy said in response to the earlier blog.

Although the general treatment of spreadbetting is that it is tax free, there are occasions when it can be taxable. The main situation this could occur is where a person's spreadbetting activities constitute a business or a trade.

Whether an activity is a business or not will depend on the individual's circumstances, but generally the factors such as frequency of trading, oraganisation etc. are considered. Other factors such as the person's knowledge, past employment in the financial markets etc. may impact the outcome.

For this reason, the tax summary on our website is set out in general terms and we encourage clients to seek their own tax advice.

The question relates to a person who makes a living solely from spreadbetting. In that case it would be difficult to argue that they are relying on pure chance (i.e. gambling) or doing it as a hobby. As they are spreadbetting to generate an income, profits and losses from would be taxable.

Hope that helps, peter

 

[PC at CMC Markets]

nice try gle101 but am wise to you now. not going to get me on that one again. ha ha
pc

I have never consider CMC being big in SB, CFDs though, one of the top players I guess.

 

[gle101]

nice try gle101 but am wise to you now. not going to get me on that one again. ha ha
pc

Not trying to, ha ha. No really, I feel that CMC left the SB segment for others for quite many years. Now with a major effort and investment in the new next-gen platform you want to change all that, and finally start to grab a considerable piece of a growing market segment. Please correct me if I am wrong, I am not in the position to know, give me figures so I can understand how big you are in the SB segment.

 

[oiltanker]

If SB isn't tax-free, there would seem to be a major problem with the way it's been promoted for the last decade or so! In fact, the whole industry would fall apart, and Europe would soon be full of deep discount futures brokers instead, as in the US.

it is tax free. some confuse it with spread betting.
i know someone keeps banging on about a bbc report but if any one has doubts i would ring the tax office and talk to the spread betting specialist and ask for the answer in writing. like i did.

 

[Shakone]

Anyone using SB (any firm) to trade off small TFs is either very inexperienced or delusional.

Is this your way of admitting that you trade unprofitably off small timeframes? I could have sworn I saw you post some successful trades on small timeframes from someone like FXCM. I guess I must be delusional about those trades.

I hope by your post what you mean is that there are better alternatives to trade on for small timeframes, rather than it can't be done. Because it can definitely be done.

 

[Shakone]

it is tax free. some confuse it with spread betting.
i know someone keeps banging on about a bbc report but if any one has doubts i would ring the tax office and talk to the spread betting specialist and ask for the answer in writing. like i did.

Yes, write to your tax office, and say that you have been spreadbetting and want to know if you can claim tax back on losses or have to pay tax on winnings. As soon as they see claiming tax back, I think they'll be inclined to write that your spreadbetting practices are not taxable.

 

[lovejoy21]

regarding tax on spread betting this is what my guy said in response to the earlier blog.

Although the general treatment of spreadbetting is that it is tax free, there are occasions when it can be taxable. The main situation this could occur is where a person's spreadbetting activities constitute a business or a trade.

Whether an activity is a business or not will depend on the individual's circumstances, but generally the factors such as frequency of trading, oraganisation etc. are considered. Other factors such as the person's knowledge, past employment in the financial markets etc. may impact the outcome.

For this reason, the tax summary on our website is set out in general terms and we encourage clients to seek their own tax advice.

The question relates to a person who makes a living solely from spreadbetting. In that case it would be difficult to argue that they are relying on pure chance (i.e. gambling) or doing it as a hobby. As they are spreadbetting to generate an income, profits and losses from would be taxable.

Hope that helps, peter

I don't why people come to this conclusion...gambling is gambling it's black and white...whether it's your sole source of income does not make any difference to whether you profits are taxed or not. Gambling profits in the UK are tax free regardless of how much you profit you make or whether it's your sole income or not.

When spreadbetting might be construed as trading is when it as part of an organised activity to make profits out of the gambling public ie. if you are providing a service to the public for a fee using your exepertise.

See here for starters then follow the links, if in doubt speak to an accountant who specialises in this area of tax.

http://www.hmrc.gov.uk/manuals/bimmanual/BIM22017.htm

 

[PC at CMC Markets]

ha ha ha ha you will say anything to get information.
I suppose you can always ask Goldman Sachs about the size of this business after all they bought ten percent in 2007 and they are not exactly in the small league.

by the way have you visited our Stockholm office yet, I will ask them to put the red carpet out for you.

cheers pc

Not trying to, ha ha. No really, I feel that CMC left the SB segment for others for quite many years. Now with a major effort and investment in the new next-gen platform you want to change all that, and finally start to grab a considerable piece of a growing market segment. Please correct me if I am wrong, I am not in the position to know, give me figures so I can understand how big you are in the SB segment.