..hi folks..first post..IR and gamblers

[Gadger]

Hi, it's me, Gadge!
I've drifted to this cyber portal with a question from a merely mortal...

..has anyone been deemed by the IR to be a pro. gambler, by share dealing and/or sp. betting?..>
If so I'd like to know the implications as a full time trader. I have a CGT bill I could reduce if losses from spreads could be offset against share gains. If this can be done then it may rhyme a whole lot better than now!

kind regards

Gadge

..

 

[Uncle]

Hi Gadge, welcome to T2W. Just remember if you wish to set off losses from your spread betting you also have to declare your profits from the same source. You should definately seek professional advice as to whether you declare yourself a full time trader or not. One of the advantages that comes to mind is you can set off all expenses including captital costs - i e computers, software etc., and other legitimate expenses. The question is do these outweigh you now free from tax gains on the spread betting.

Best wishes and may all your trades be profitable.

John

 

[ChartMan]

Yes get pro advice but my feeling is that as spread betting is free of tax, there can be no offset for losses- there are none to be had.

 

[Gadger]

thanks all,

I was hoping someone had actually been there.
Does anyone know of any specialist accountants who deal with this sort of thing?
Oh, the amounts involved are substantial and a large REWARD could be offered!

Gadge

...walk first a mile, in another man's shoes ..