The end of the EU

[forker]

From the Hmrc site. Read between the lines

" To be taxable, the spread betting wins must come not merely from an opportunity presented by a trade, they must arise from the carrying on of that trade."

In other words, you won't be taxed if it's an ad-hoc bet. You will be subject to further study if you continue to trade. With the lack of funding, you can be sure the tax man will tooth comb your self assessment.

 

[barjon]

From the Hmrc site. Read between the lines

" To be taxable, the spread betting wins must come not merely from an opportunity presented by a trade, they must arise from the carrying on of that trade."

In other words, you won't be taxed if it's an ad-hoc bet. You will be subject to further study if you continue to trade.

Exactly, that's what I said - if spreadbetting winnings are considered as part of an overall trading activity (gambling is not regarded as a trading activity) then they may be considered taxable according to particular circumstances.

 

[forker]

Chewed over by who exactly? A group of traders? Are any of us accountants? I certainly am not but I trust my account's opinion and his is most definitely in the camp of it being taxable if it is your sole income.

 

[barjon]

Chewed over by who exactly? A group of traders? Are any of us accountants? I certainly am not but I trust my account's opinion and his is most definitely in the camp of it being taxable if it is your sole income.

Please yourself, forker - you stick to your view and I'll stick to the correct one. I retire.

 

[new_trader]

From the Hmrc site. Read between the lines

" To be taxable, the spread betting wins must come not merely from an opportunity presented by a trade, they must arise from the carrying on of that trade."

In other words, you won't be taxed if it's an ad-hoc bet. You will be subject to further study if you continue to trade. With the lack of funding, you can be sure the tax man will tooth comb your self assessment.

I agree with you forker, and like I said, the fact that there have been so many arguments about it can only mean 2 things:

1) People are deliberately remaining ignorant and hope HMRC don't investigate

2) People are making piddly amounts on an ad-hoc basis that they aren't concerned...or more likely, they are making losses.

I haven't read a definitive and convincing post from a bona-fide full time trader making a living from spread betting who can answer this once and for all...all I see are links going back and forth.

 

[forker]

I'll go with the opinion of the professional I pay every 6 months to do my dirty work Thanks. But by all means preach otherwise

 

[forker]

I agree with you forker, and like I said, the fact that there have been so many arguments about it can only mean 2 things:

1) People are deliberately remaining ignorant and hope HMRC don't investigate

2) People are making piddly amounts on an ad-hoc basis that they aren't concerned...or more likely, they are making losses.

I haven't read a definitive and convincing post from a bona-fide full time trader making a living from spread betting who can answer this once and for all...all I see are links going back and forth.

Agreed

 

[Splitlink]

Agreed

 

[forker]

Been meaning to ask you for a while now. Are you the same Splitlink that used to participate in a paltalk chat room many years ago?

 

[barjon]

..............there have been so many arguments about it.................

There is no argument about it, nt, only confusion.

Spread Betting companies quite purposely set themselves up as bookmakers with themselves as counterparties to the bet (trade) as with a "traditional" bookmaker. That's why the cost is in the spread and they do not charge a commission and why they do not have DMA (although some tread very close to the line by pretending so) and create their own trading platforms and prices - all to maintain that distinction.

Their customers place bets and are commonly defined as gamblers. "Gambling" tax law is well set and applies as supported by various case law.

Nothing is certain in this life so it all may change, but there's no indication of it yet.

 

[Splitlink]

Been meaning to ask you for a while now. Are you the same Splitlink that used to participate in a paltalk chat room many years ago?

I hope that this world is not big enough for two of us.

I've been in one chatroom that belonged to T2W. They closed that down. I doubt that I was in it for more than a few weeks.

 

[Pat494]

This thread seems to have gone completely off topic but no matter I suppose

 

[Splitlink]

This thread seems to have gone completely off topic but no matter I suppose

It matters when any thread goes off topic, because it is a sign of boredom and the SB tax theme has been done to death.

 

[forker]

Onto porn then?

 

[Atilla]

This thread seems to have gone completely off topic but no matter I suppose

End of the EU or just having a break

 

[JahDave]

I think that the EU will break up, but I am not sure that the Euro will die because of German pride........

 

[Pat494]

I think that the EU will break up, but I am not sure that the Euro will die because of German pride........

It's going to die because it is a rubbish system put togethor by stupid people.

 

[forker]

It's going to die because it is a rubbish system put togethor by stupid people.

Positive affirmation

 

[JahDave]

I do think that the European Union will break up..............

 

[Atilla]

It's going to die because it is a rubbish system put togethor by stupid people.

Tell us what you really think Pat and stop pussy footing around like JahDave