1) If you are a net positive trader (which most of you are not) and reside in the Uk then spread betting accounts are TAX FREE
2) A spread bet account is merely the constructor of a trade for a derivative. It has no more risk upside/downside etc than making a spot forex trade......
3) the thing that you should be careful of is using brokers that don't offset or hedge your postion - because they are the ones dealing against you and want you to lose.
So just to reitterate - I am a professional trader and have traded since the 90's I use spread bet accounts for tax reasons and they are no different to any other kind of account - it is the broker and the platform that makes the difference....