M
malaguti
I did phone HMRC, but I guess the problem is you can phone a dozen times, talk to a dozen different people and get a different answer every time.
The problem is that the "down side" to assuming your income is tax free and getting it wrong is going to be very costly especially as HMRC can go back several years.
However the person I spoke to you was very sure that nobody can expect to earn a living tax free, and that more than anything else makes perfect sense as far as HMRC are concerned. Also that Spread Betting is gambling as far as HMRC are concerned and that assumes casual betting not making a living out of it and that rules with concern to the main or sole income were covered under other tax rules.
In any case this is all about people making their own interpretation of the rules and if it was clear cut then the companies offering this service would be able to state unequivocally that this is tax free rather than hiding behind disclaimers.
Parky, remember..its tax free IF its not your main source of income. You will not be paying tax on your spreadbetting you will be paying tax on your other income. The rest is gambling. IF its your sole source of income, then yes you will be taxed accordingly.
So if you talk to HMRC dont leave out the drug dealing and you will be fine