barjon
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..........and again
Hi Neil I'll get my apology in first if I may. I suffer from a mild form of autism spectrum disorder known as Asperger Syndrome, this means I lack cognitive empathy and so some people say this comes across as rudeness.:whistling
Your statement about someone somewhere saying something which may or may not have anything to do with the subject we are discussing is as much use as a chocolate teapot. Did you check out what this mystical chap said or are you just regurgitating someone elses drivel? I once read on t'internet Freddie Star ate someones hampster, there is a B52 bomber on the moon and Kim Kardashian really meant it when she said "I do". Its possible that none of those things are true!
Did anyone read any of the previous posts from people who actually bothered to put some effort into this discussion such as Liquid validity?
http://www.trade2win.com/boards/spr...ing-full-time-sole-source-income-traders.html
"I am a full time spread-bet trader. I have been making good money doing this for nearly four years.
I trade a £40K account split between two SB firms. I pay no tax and have a letter from the IR stating that I do not have to pay tax on my winnings even though it is my sole source of income. (I have it framed on my office wall)"
No offense. :innocent:
..........and again
Some other knob head quotes the term "professional gambler" and even remembered a small detail about horse racing and then completely gets the wrong end of the stick!
"The revenue already have a tax status for full timers referring them as 'professional gamblers'. The case was proven a long-time ago with someone who made his income off the horses."
Yes the case was proven 'a long time ago' and it was ruled HE DIDN'T HAVE TO PAY TAX !
Please see my previous post for explanations on rudeness etc... time for some more of my medication.
I have been told by an accountant, who was also trading that it is very useful to have another stream of income apart from spreadbetting.'Quite good insight' - Really? Did you read it?
FIRST question and answer ....
Q: So is Spread Betting really tax-free?
A: The simple answer is yes. .... If you do not have any other regular taxable income other than gambling you will probably be classified as a professional gambler (your trade) and may loose your BIM22017 exemption...."
The knob head that wrote that (didnt even bother to attach his name to it) obviously didnt bother to go and read the rule he quoted.
http://www.hmrc.gov.uk/manuals/bimmanual/bim22017.htm
"...This shows that having expertise or being systematic (‘studying form’) is not enough to create a trade of being a ‘professional gambler’.
Some ‘professional gamblers’ do carry on a trade, for example, where they receive appearance money for appearing on television programmes. They are providing a service to a customer (the television production company) for reward. Whether their gambling winnings are proceeds of that trade would depend upon the facts."
If he'd read the ruling he'd quoted he would have seen that being a spread bettor does not qualify you as a "Professional gambler".
Some other knob head quotes the term "professional gambler" and even remembered a small detail about horse racing and then completely gets the wrong end of the stick!
"The revenue already have a tax status for full timers referring them as 'professional gamblers'. The case was proven a long-time ago with someone who made his income off the horses."
Yes the case was proven 'a long time ago' and it was ruled HE DIDN'T HAVE TO PAY TAX !
Please see my previous post for explanations on rudeness etc... time for some more of my medication.
Although the subject has been done to death over the years, we might as well do the exercise again to see if any new information comes to light.
http://www.hmrc.gov.uk/manuals/cgmanual/cg56105.htm
I assume as the starter of this thread your the type who walks up to a crowd of people in a pub on a Sunday afternoon and says something akin to "Those immigrants eh" and then walks off to a safe distance to watch the ensuing melee.
I am sorry to say it -
IT IS NOT BLACK AND WHITE
I will say majority of spread betters who pay any tax through other income or other investments etc etc - ...
In my case I had to pay ...
I am sure there will be a new "test case" in this next 5 years - but no way do the IR want it and at the moment they have the power - and the money to make sure they will win.
Forgive me - I've had a good day today and I cant let that lay. (I clumsily avoided the word 'lie' in case it was misinterpreted).
You did NOT have to pay, there is no law that says you have to pay. You CHOSE to pay, and in my opinion you chose badly. But I grant you I have no insight into your tax affairs.
It doesnt matter how old the Law is (we still use stuff from magna carta), until a case is brought before a court where it is ruled someone does have to pay, then you dont HAVE to pay.
I am not a lawyer, and have no legal training, but HMRC like to 'negotiate' with people because they dont want to go to court in case they lose and open the floodgates to copycat ventures.
Just my Victor Meldrew opinion. :innocent:
That wasn't the point I was driving at... rather, based on Fxmo's info, the tax status he describes would not make sense.
Forgive me - I've had a good day today and I cant let that lay. (I clumsily avoided the word 'lie' in case it was misinterpreted).
You did NOT have to pay, there is no law that says you have to pay. You CHOSE to pay, and in my opinion you chose badly. But I grant you I have no insight into your tax affairs.
It doesnt matter how old the Law is (we still use stuff from magna carta), until a case is brought before a court where it is ruled someone does have to pay, then you dont HAVE to pay.
I am not a lawyer, and have no legal training, but HMRC like to 'negotiate' with people because they dont want to go to court in case they lose and open the floodgates to copycat ventures.
Just my Victor Meldrew opinion. :innocent:
F,
I'm confused. You stated in your other thread* that you've been forex trading for the last 11 years (6 years full time) using a forex/cfd broker (which offers the tight spreads you need for scalping). As I'm sure you know, forex trading is taxable under UK law.
Yet in this thread you state that during this time you were found liable for tax by HMRC for spread betting, under the definition "professional gambler". Furthermore that spread bet winnings were your sole income? This doesn't make sense if you were in fact trading forex/cfds which is taxable.
Can you clarify?
* http://www.trade2win.com/boards/dis...trading-calls-expert-retail-forex-trader.html