Hmm. Please confirm that I wasn't born with 666 on the back of my neck.

[D70]

So far I've ignored the HMRC (not that they have tried to contact me) .. They either need to set out the law in pain English, or win a case against a spread bettor before i start paying tax. At the moment, my understanding is that its still very debatable, so i'm on the fence for now.

Any gains from spreadbetting are tax free because you are officially "gambling". Plus, you are actually effectively paying tax by using a spreadbetting company (who pay tax on your behalf) because they charge you thru wider spreads, etc. So you're paying it one way or the other. If you use a spreadbetter, you're paying tax indirectly.

A good friend of mine has a letter from HMRC saying he has zero tax to pay from his "gambling" (he has made a 7 figure number for about the past 8 years "gambling"). He made them write it so he could never experience a 'clawback'.

 

[advfntrader]

7 figure profit gambling ?? 10 million + ? wow - what did he start with is the question. what did he gamble on ?

 

[D70]

7 figures.......??

1,000,000 is seven figures....

 

[advfntrader]

lol yes....well £1 million gambling profits...how ?

 

[the hare]

lol yes....well £1 million gambling profits...how ?

He's been doing it for 8 years. Even with a relatively small account its definitely achievable.

 

[The Leopard]

Any gains from spreadbetting are tax free because you are officially "gambling". Plus, you are actually effectively paying tax by using a spreadbetting company (who pay tax on your behalf) because they charge you thru wider spreads, etc. So you're paying it one way or the other. If you use a spreadbetter, you're paying tax indirectly.

A good friend of mine has a letter from HMRC saying he has zero tax to pay from his "gambling" (he has made a 7 figure number for about the past 8 years "gambling"). He made them write it so he could never experience a 'clawback'.

This accords with the publicly-stated opinion of one spread betting company (not one of the bucket shops). They have written confirmation from HMRC and the written opinion of a specialist that this is the case.

Some people have said it's not tax free if it's your sole source of income based on conversations with local inspectors. All I would say is (from personal experience) be very wary of taking the opinion of local inspectors.

 

[advfntrader]

easily achievable?

say start with £25k (relatively large account in my book...)

lets say 50% profit per year (is this even achievable ?!?)

year 1: 37.5k
2: 56.25k
3: 84.3k
4: 126k
5: 189k
6: 283k
7: 424k
8: 636k

and thats after 8 YEARS with 50% gains per year....which seems exceptionally good to me...

He's been doing it for 8 years. Even with a relatively small account its definitely achievable.

 

[the hare]

easily achievable?.

I said definitely achievable, NOT easily achievable.

I would have thought that most gamblers would be prepared to endure considerably more variance in equity, and those who do well would probably do a lot better than most traders.

 

[mrfigure]

Hi Random, I can put my hand up this year to being profitable all be it on a small scale. From january this year, iv turned £150 into £2,500 at present, although currently running a loss on the ftse. Also with IG

 

[ffsear]

Update of my account for the last 2 weeks, (from 30.07.2012) - 7 trades. 2 winners, 3 losses. 1 scratch and 1 error. Not great but still a small profit over that period.

 

[piggybridges]

Update of my account for the last 2 weeks, (from 30.07.2012) - 7 trades. 2 winners, 3 losses. 1 scratch and 1 error. Not great but still a small profit over that period.

Awesome.
BeginnerJoe will be along shortly to verify the statement.

Nice to see someone making money.
And you're a technical/charts guy as opposed to tossing coins or trading the DOM?

 

[ffsear]

Technical yes, but no indicators.

 

[deebee1]

well done to u.. glad to see someone making a decent amount out of spreadbetting