P
postman
Its out there on the interweb somewhere ... alongside the photos of 'Hens teeth' and 'Rocking-horse sh1t'.
Difference between Spread betting and CFDs
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MasterOfCoin
Experienced member
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I'm far from convinced he can actually read simple English.
On planet OFXTO everyone pays Tax, young, old, dogs, cats, gerbils and children in the womb.
There you pay tax on everything, gifts, donations, refunds, windfalls, the lot.
However, here in the UK on Earth, there are still some things not taxed yet.
Spreadbetting is one of them.
Moreover, it would be preferable if the reputation of T2W were not subject to further ridicule by obstinate buffoons posting totally unsubstantiated balderdash and codswallop because they think something should be so.
It isn't so. And that's that.
😐
alas, we have a few of those
Perhaps we could get a thread set up just for 0FX as well. and in years to come, when he fills in a self assessment form for the first time, we can all look back and laugh
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0FXTrader0
What is a professional forex trader?
A professional forex trader gets their income from trading on the currency market. In contrast to beginners, earnings from the FX market tend to be the primary source of income for professionals.
Seems the mob/herd rule on T2W not willing to see the other side of the issue. If any of you broke thru to consistency maybe you would listen to the advice.
A professional forex trader gets their income from trading on the currency market. In contrast to beginners, earnings from the FX market tend to be the primary source of income for professionals.
Seems the mob/herd rule on T2W not willing to see the other side of the issue. If any of you broke thru to consistency maybe you would listen to the advice.
new_trader
Legendary member
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It is clear (to me at least) from the answer provided by HMRC, that if you are merely a trader profiting from speculating, your profits on spread-betting are tax free.
"Spread betting is not regarded as taxable income unless you are carrying this out as a trade"
Note, the answer does NOT say, "unless it is your main source of income and you are not working" which was asked in the original question.
The question asked was clear as a bell, one that simply required a 'Yes' answer if it was correct, not a reference to a BUSINESS income manual.
QED
"Spread betting is not regarded as taxable income unless you are carrying this out as a trade"
Note, the answer does NOT say, "unless it is your main source of income and you are not working" which was asked in the original question.
The question asked was clear as a bell, one that simply required a 'Yes' answer if it was correct, not a reference to a BUSINESS income manual.
QED
There's no justification for suggesting that the majority might be wrong just because they are in the majority. If you see all the occupants running out of a burning building, would you automatically regard them as a mob/herd? Or just rational people collectively following the correct course of action?
P
postman
You just made that definition up yourself.
Its a bit like me saying
How can I tell if someone online is an idiot?
An idiot can be identified online by the way they place a numeric at the start and end of their username.
It may be true in this case but it doesn't mean all words written in bold and italic are true.
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0FXTrader0
However, if HMRC considers that your full time occupation is trading, then regardless of what the spread betting companies say, you may be liable to receive a tax assessment. It will then be up to the individual to prove to HMRC that he/she does not have a tax liability. This is just the type of argument that has been raging between the Inland Revenue (as it was) and taxation specialists for years.
From what I gather it all depends on how you classify your trading activity….
If you are betting for entertainment then it is tax free (via spread betting account).
If you are investing (and holding trades over weeks) for growth then you are subject to CGT.
If you are trading (especially intr day) or speculating then you are subject to income tax.
www.spreadbettingportal.com
From what I gather it all depends on how you classify your trading activity….
If you are betting for entertainment then it is tax free (via spread betting account).
If you are investing (and holding trades over weeks) for growth then you are subject to CGT.
If you are trading (especially intr day) or speculating then you are subject to income tax.
Is spreadbetting tax-free? | SpreadBettingPortal.com
Yes, profits from spread betting in the UK and Ireland are tax-free. This is because spread betting winnings are regarded as gambling winnings by the HMRC, however do note that this ruling is intended for recreational betters.
www.spreadbettingportal.com
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0FXTrader0
The only idiots are you SB pikeys
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postman
^^That moment you realise you are wrong but are too far down the argument to back up!
.
.
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Sorry for your loss ... of cognitive ability.
P
postman
Day after day @0FXTrader0 tells us spreadbetting is taxable despite ALL the evidence to the contrary.
All he has to do is provide a single example of someone who was taxed for spread betting, and he has failed to do that.
Everyone can see 0FXTrader0 is the real idiot and if he trades in the same way that he argues ie refuses to acknowledge when he is wrong and the market is right, he's probably lost all his money by now.
🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣
🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣
🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣
🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣
All he has to do is provide a single example of someone who was taxed for spread betting, and he has failed to do that.
Everyone can see 0FXTrader0 is the real idiot and if he trades in the same way that he argues ie refuses to acknowledge when he is wrong and the market is right, he's probably lost all his money by now.
🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣
🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣
🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣
🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣
ffsear
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Serious case of the dunning-kruger effect in play here!
www.psychologytoday.com/us/basics/dunning-kruger-effect
www.psychologytoday.com/us/basics/dunning-kruger-effect
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0FXTrader0
This site has deteriorated into a retail haven. No traders use it anymore as the banks have banned chatroom uses anyone generating there income from SB, CFD, futures will be taxed as income. There is no evidence of a SBeerr being taxed because by the time they are profitable have realised there liable and structure there business correctly.
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0FXTrader0
Why would anyone who's profitable intrday SB on a pony platform when your gonna pay income tax you goto Futures mkt or Spot mkt
new_trader
Legendary member
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However, if HMRC considers that your full time occupation is trading, then regardless of what the spread betting companies say, you may be liable to receive a tax assessment. It will then be up to the individual to prove to HMRC that he/she does not have a tax liability. This is just the type of argument that has been raging between the Inland Revenue (as it was) and taxation specialists for years.
From what I gather it all depends on how you classify your trading activity….
If you are betting for entertainment then it is tax free (via spread betting account).
If you are investing (and holding trades over weeks) for growth then you are subject to CGT.
If you are trading (especially intr day) or speculating then you are subject to income tax.
Is spreadbetting tax-free? | SpreadBettingPortal.com
Yes, profits from spread betting in the UK and Ireland are tax-free. This is because spread betting winnings are regarded as gambling winnings by the HMRC, however do note that this ruling is intended for recreational betters.
You are quoting an article written on May 24, 2018 at 10:48 pm by 'David'.
David says in his bio: "A few years ago I discover a whole new world of opportunity: spread betting on the financial markets."
David, has been spread-betting for a few years.
You wrote: "The only idiots are you SB pikeys"
You are taking financial advice from an idiot SB pikey.
Not a single private retail spreadbetter in UK spreadbetting history has ever come forward and confirmed they have paid Income Tax on their SB gains.However, if HMRC considers that your full time occupation is trading, then regardless of what the spread betting companies say, you may be liable to receive a tax assessment. It will then be up to the individual to prove to HMRC that he/she does not have a tax liability. This is just the type of argument that has been raging between the Inland Revenue (as it was) and taxation specialists for years.
From what I gather it all depends on how you classify your trading activity….
If you are betting for entertainment then it is tax free (via spread betting account).
If you are investing (and holding trades over weeks) for growth then you are subject to CGT.
If you are trading (especially intr day) or speculating then you are subject to income tax.
Is spreadbetting tax-free? | SpreadBettingPortal.com
Yes, profits from spread betting in the UK and Ireland are tax-free. This is because spread betting winnings are regarded as gambling winnings by the HMRC, however do note that this ruling is intended for recreational betters.
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0FXTrader0
You all been sniffing too much petrol. Thinking you can trade everyday on your SB portal making a living and not be at risk of income tax bill. The facts have been lay out and anyone can see what a grey area it is. The Sb companies even have *small print explaining this.
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0FXTrader0
Spread betting, index betting and binary options are not regulated by the UK Gambling Commission but instead fall under the umbrella of the Financial Conduct Authority (FCA). Despite this you do not need to pay the 18% UK Capital Gains Tax or stamp duty on winnings from Spread Betting. You also do not need to pay tax when betting on fixed odds currency and market fluctuations with bookmakers.
If however you call spread betting your primary source of income, or your day job, you may be liable to pay the tax, effectively you become classed as a trader in this scenario.
www.onlinebetting.org.uk
If however you call spread betting your primary source of income, or your day job, you may be liable to pay the tax, effectively you become classed as a trader in this scenario.
Tax on Betting and Gambling in the UK: Do you pay tax on your stake or winnings? What tax do betting companies pay? - Online Betting UK
In short for the customer there is no tax to pay on either bets or any subsequent winnings in the UK. If you are not based in the UK you may be liable for tax in your own jurisdiction if you take any winnings back to that teritory, you are advised to check in advance.
www.onlinebetting.org.uk
as soon as you open the linkSpread betting, index betting and binary options are not regulated by the UK Gambling Commission but instead fall under the umbrella of the Financial Conduct Authority (FCA). Despite this you do not need to pay the 18% UK Capital Gains Tax or stamp duty on winnings from Spread Betting. You also do not need to pay tax when betting on fixed odds currency and market fluctuations with bookmakers.
If however you call spread betting your primary source of income, or your day job, you may be liable to pay the tax, effectively you become classed as a trader in this scenario.
Tax on Betting and Gambling in the UK: Do you pay tax on your stake or winnings? What tax do betting companies pay? - Online Betting UK
In short for the customer there is no tax to pay on either bets or any subsequent winnings in the UK. If you are not based in the UK you may be liable for tax in your own jurisdiction if you take any winnings back to that teritory, you are advised to check in advance.
thanks for summing it up so nicely..all you had to do, was look at this from the start
