I live entirely from the growth of my personal trading account
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Trading Partnership taxation question 11 replies
Taxation of FX in Italy? 3 replies
Forex Taxation in a Business Entity? 4 replies
DislikedHello, 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 curiousityIgnored
Disliked{quote} In the UK, if done within Spread Betting accounts, there is no tax to pay at all.Ignored
Disliked{quote} Thanks, and do you know if the same rule applies to foreign traders? Also, Is trading through such accounts generally more expensive? I recall a couple of years back when I was trading with a friend from the UK , he had a spread betting account and on GBPJY there were 2 pips difference between his trading account and mine. 3.5pips spread is robbery IMOIgnored
DislikedIf you keep talking ( in a public Forum ) about this trick to to avoid paying taxes in UK , it's like cutting your balls. This forum is monitored by many Financial Authorities and , before or after , some officials will notice this "scam" that makes losing millions of pounds to the British government. And there will be a casino. Prudence, guys, prudence...Ignored
Disliked{quote} I appreciate your concern, however it is not a trick, it is a perfectly legal and encouraged method of speculating on financial markets in the UK https://www.gov.uk/hmrc-internal-man...anual/bim22015 Far from losing money for the UK it gains money but taxing the broker for his license, 82% of Spread Betters lose after all so if it were regarded as income they could deduct their losses from their other income, this way HMRC has it's cake and eats itIgnored
Disliked{quote} I have many doubts , and I repeat my questions from another thread : have you ever had a real control by Inland Revenue ? Have they told you that you are totally tax free ? This is a very delicate matter , each case is different, a court may give reason, another judge may give wrong ; if I were in your place , I would not be so quiet . To give these tips to FF Community , you assume a great responsibility.Ignored
Disliked{quote} 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....Ignored