Taxation in your country | Forex Factory

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Taxation in your country

  • #1
  • First Post: Aug 12, 2017 11:48am Aug 12, 2017 11:48am
Hello,
Since i didn't find any other post i wanted to ask you guys how much of your profit get taxed in your country.
Are you happy with the %?
Just curiousity
  • #2
  • Aug 12, 2017 12:07pm Aug 12, 2017 12:07pm
Quoting Evolution97
Hello, Since i didn't find any other post i wanted to ask you guys how much of your profit get taxed in your country. Are you happy with the %? Just curiousity
Portugal 28% ... and of course I'm not happy
The funniest, is that nobody takes me seriously.
  • #3
  • Aug 12, 2017 12:15pm Aug 12, 2017 12:15pm
In Italy 26 % + 2x1000 if i use foreign broker
  • #4
  • Aug 12, 2017 1:01pm Aug 12, 2017 1:01pm
Here in Uk
it is 0 %
same as Gambling (Horse racing etc )
  • #5
  • Aug 12, 2017 1:22pm Aug 12, 2017 1:22pm
Quoting FairTrader
{quote} Portugal 28% ... and of course I'm not happy
UK spread betting 0%

Portugal depends on the income reported from the profits it's not a fixed amount careful. might be lower then 28% and also higher up to 36% like the ones in the old fashion green slips .

The best way really is train get good at it change to UK and you wont pay a dime ...

or move to the emirates, Dubai is also 0%

Zwara.
  • #6
  • Aug 12, 2017 4:21pm Aug 12, 2017 4:21pm
Quoting zwara
{quote} UK spread betting 0% Portugal depends on the income reported from the profits it's not a fixed amount careful. might be lower then 28% and also higher up to 36% like the ones in the old fashion green slips . The best way really is train get good at it change to UK and you wont pay a dime ... or move to the emirates, Dubai is also 0% Zwara.
"UK spread betting 0%" .. Unfortunately, Only if it's not your primary source of income!
  • #7
  • Aug 13, 2017 11:44am Aug 13, 2017 11:44am
Quoting pipmogul
Unfortunately, Only if it's not your primary source of income!

This subject has been debated to death in all trading forums - sometimes with some very out-of-date information.

The idea that you have to pay UK income tax on spreadbetting income if it's your sole source of income is very widespread, but completely wrong.

This has now been clarified by the courts and finally there's certainty on the point.

The only people who have ever been assessed for any kind of tax on spreadbetting income were people whose spreadbetting income was one component of a broader "trading business". They were selling tuition/coaching/signals as well as spreadbetting themselves, and the court held (in a ruling which surprised many accountants and tax lawyers at the time) that the entire business was a taxable concern, including the income arising from the company's own spreadbets.

But people whose sole income is from spreadbetting are certainly not taxed on it.

This used to be a contentious statement (especially in forums, where people used to say words to the effect of "Wait till it eventually gets tested in court and then we'll see") but it's now been confirmed by a court ruling, and is simply irrefutable.

Accordingly, even HMRC's helpline staff are now openly advising callers that the incomes of "sole income spreadbetters" are not taxable (when someone with appropriate specialist knowledge eventually returns their call to answer their query!). Don't take my word for it. Check it out for yourself.
  • #8
  • Aug 13, 2017 1:39pm Aug 13, 2017 1:39pm
Quoting pipmogul
{quote} "UK spread betting 0%" .. Unfortunately, Only if it's not your primary source of income!
Any spread betting account will pay 0% tax being or not the primary source...

Any other than spread betting investment account, or associated with any income source in relation to the markets they work with will pay normal tax.
  • #9
  • Aug 14, 2017 11:48am Aug 14, 2017 11:48am
Quoting Quickly
{quote} This subject has been debated to death in all trading forums - sometimes with some very out-of-date information. The idea that you have to pay UK income tax on spreadbetting income if it's your sole source of income is very widespread, but completely wrong. This has now been clarified by the courts and finally there's certainty on the point. The only people who have ever been assessed for any kind of tax on spreadbetting income were people whose spreadbetting income was one component of a broader "trading business". They were selling tuition/coaching/signals...
Hey Quickly but how sure are you about this, i have been looking into this and still cant find any answer that says what your saying here - what i came up with is its non taxable if its not your main source of income but the way your writing you say with a certain degree of confidence that your correct - not doubting you just trying to cross the t's and dot the i's as they say.
  • #10
  • Aug 14, 2017 12:20pm Aug 14, 2017 12:20pm
Quoting zwara
{quote} Any spread betting account will pay 0% tax being or not the primary source... Any other than spread betting investment account, or associated with any income source in relation to the markets they work with will pay normal tax.
Hey Zwara you also seem confident in your reply here but i still cant find anything to substantiate this.
  • #11
  • Aug 14, 2017 1:35pm Aug 14, 2017 1:35pm
Quoting dean1star
{quote} Hey Quickly but how sure are you about this, i have been looking into this and still cant find any answer that says what your saying here - what i came up with is its non taxable if its not your main source of income but the way your writing you say with a certain degree of confidence that your correct - not doubting you just trying to cross the t's and dot the i's as they say.
Quickly is correct. Any doubts call HMRC or employ an accountant as I do.

You say you based in Spain so UK tax legislation doesn't affect you anyway.
  • #12
  • Aug 14, 2017 5:01pm Aug 14, 2017 5:01pm
Quoting dean1star
{quote} Hey Zwara you also seem confident in your reply here but i still cant find anything to substantiate this.

Live in UK, and get an accountant, that knows Tax stuff and allow him to guide you...

I am not an accountant, I am not a millionaire, but I don't pay tax on my profits from my trading what I was told to do is open an SPREAD BETTING FOREX ACCOUNT, in a broker that is regulated in UK for spread betting, that's what I did. I also know I declare them as profit... I must also admit it's not much it works as extra, because I have another source of incomes.
  • #13
  • Aug 14, 2017 11:49pm Aug 14, 2017 11:49pm
Quoting claudia1
{quote} Quickly is correct. Any doubts call HMRC or employ an accountant as I do. You say you based in Spain so UK tax legislation doesn't affect you anyway.
Thanks Claudia for taking the time to reply.
  • #14
  • Aug 14, 2017 11:49pm Aug 14, 2017 11:49pm
Quoting zwara
{quote} Live in UK, and get an accountant, that knows Tax stuff and allow him to guide you... I am not an accountant, I am not a millionaire, but I don't pay tax on my profits from my trading what I was told to do is open an SPREAD BETTING FOREX ACCOUNT, in a broker that is regulated in UK for spread betting, that's what I did. I also know I declare them as profit... I must also admit it's not much it works as extra, because I have another source of incomes.
Thank you Zwara for taking the time to reply.
  • #15
  • Aug 14, 2017 11:51pm Aug 14, 2017 11:51pm
Here in Germany 25 %

0 % i dream about it.
  • #16
  • Aug 15, 2017 3:35am Aug 15, 2017 3:35am
If a person who works and gives away a 100% of their income is a slave, what is a person who gives away 25% of their income?
Taxation = Theft
  • #17
  • Aug 15, 2017 8:26am Aug 15, 2017 8:26am
Quoting ForexGoober
Taxation = Theft

When people say this, I always wonder (among other things), whether they want to be able to drive a car and how they want the roads they drive on to be paid for, and whether they want violent criminals to be prosecuted and imprisoned and how they want the police and courts and prisons to be paid for, and whether they want their country to be protected at a societal level from terrorist attacks and how they want that protection to be paid for.

Maybe they want to be totally self-supporting and live in isolation in a log cabin in the woods with their own private armoury, and not interact with the human race at all. For any other approach to life, it seems to me that they'll need to pay some taxes.

By the way, what Quickly says above about spreadbetting and tax in the UK is 100% correct, contrary to many of the opinions offered in trading forums, most of which are either just plain wrong or at least very out of date.
  • #18
  • Aug 26, 2017 11:26pm Aug 26, 2017 11:26pm
Quoting KarlKraus
{quote} they want to be totally self-supporting and live in isolation in a log cabin in the woods with their own private armoury, and not interact with the human race at all.
Does not sound bad...
  • #19
  • Sep 16, 2017 11:13am Sep 16, 2017 11:13am
Anyone that have an open account with a Cyprus broker can tell me, do you have to pay any taxes in Cyprus? or
only in your country of origin (where you live) , i don't live in Cyprus i want to trade forex only.
Thx.
  • #20
  • Edited Sep 17, 2017 4:59am Sep 16, 2017 7:15pm | Edited Sep 17, 2017 4:59am
In Australia the first $18,200 of our income are exempt from tax
so you can earn $18200 plus your wife another $18200 and pay $0 in income tax.
Above this $18,200 figure, the tax is progressive and will get as high as 37%.

I looked into a company structure a while back and there are countries which have low corporate tax.
Starting up a company could be a hassle in some places.
However, using a company structure in places like the Isle of Man, Cayman Islands etc you can pay as little as 0% corporate tax.
It goes up from here and I believe in Andorra companies pay 10% and in Liechtenstein and Cyprus companies pay 12.5% tax
Have a nice day
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