Speardbetting and the Taxman
It is my understanding that under current tax legislation that the proceeds from spreadbetting are exempt from taxation.
However, is there a point at which the activity can be construed to a be a business and therefore subject to the normally applied rules for Income tax within the UK ? If so ,I wonder what would be the criteria that may apply to that decision?
I am assuming that SB involving no actual purchase of assets will never attract CGT.
Any comments , or advice give on the above questions are assumed to be given only 'in good faith' and will not be construed to be in any other way.
Appreciate answers from anyone who has looked into this issue.
Cheers
It is my understanding that under current tax legislation that the proceeds from spreadbetting are exempt from taxation.
However, is there a point at which the activity can be construed to a be a business and therefore subject to the normally applied rules for Income tax within the UK ? If so ,I wonder what would be the criteria that may apply to that decision?
I am assuming that SB involving no actual purchase of assets will never attract CGT.
Any comments , or advice give on the above questions are assumed to be given only 'in good faith' and will not be construed to be in any other way.
Appreciate answers from anyone who has looked into this issue.
Cheers
