lurkerlurker
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CatTrader - I suppose they could tell you that, but anyone further up the daisy chain in the HMRC isn't going to pursue any recovery against you. It's simply gambling. The amount does (should?) not make a difference. SB gains are not chargable to IT or CGT. If I take £500 a week out of the markets through spreadbetting, and I do this for a year, and make £20k, that is not income or capital gains - its gambling. I would be technically unemployed (although not entitled to benefits because I would not be actively seeking work, and would have assets > £5k).Just one point. If you made your life out of spreadbetting, the inland revenue can tell you that if this is your main income you have to trade thru a business and therefore you will be liable to pay taxes. But obviously, ask to an expert. It's always to be in the system and to operate thru a company. You will do your NI contributions, your bank will give you loans, etc.
See the HMRC entry on Professional Gambing and also their take on financial spread betting - feel free to ignore their comment on the "economic significance" - betting is betting. £10 from the horses is as untaxable as £60m on the EuroLottery.
I am not a lawyer, tax professional etc. The above is merely a statement of opinion and does not constitute financial or legal adivce.