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Spread Betting is a form of trading stocks, or any other security by placing your trades on a brokers/bookmakers price rather than the actual market. Trading this way means (in the UK) you don't pay any stamp duty or become liable for capital gains tax on your profits (if there are any!).. But lets get down to the nitty gritty, stocks, indices, forex or commodities, ideas to trade or charts to watch... :) All welcome..
Hi This is something more of a curiosity. In the UK we can trade Forex using spread betting so any gains are totally tax free. However, lets say for some reason you were using a different method. Maybe you were using a broker in another country, or trading Forex using a CFD account. What asset is Forex categorised under for Capital Gains Tax (CGT)? Looking at the government CGT website, it includes shares as being subject to CGT but not Forex, it does also state that selling coins is subject to it. However, Forex is neither shares nor coins; coins being physical objects. And just thinking of this as I type, it also states that CGT is paid on assets. It's arguable though that currency isn't an asset but merely a tool used to purchase assets. After all, there is the often used distinction of people being "cash rich" or "asset rich". Doesn't it blur the line between the distinction of money and assets if you have to pay a tax which is meant to be applied to an increase in value of an asset itself rather than means of exchange? I'm sure there's plenty of legal rulings on this, and this sub will be quite biased on the subject (shouldn't be taxed). Wondering on peoples thoughts on the later. Having a few showerthoughts this morning.
Exchanging foreign currency on Revolut: subject to capital gains tax?
Hi, I just would like to confirm if my understanding is correct: gains from switching between different currencies on Revolut (or comparable apps/online banks) are not subject to capital gains taxes? I found some confusing statements online, with this being the clearest one, which seems to indicate that my understanding is right indeed: > Capital gains arising on withdrawals of money in foreign currency bank accounts will not be liable to capital gains tax (CGT), and capital losses will not be allowable losses. https://assets.publishing.service.gov.uk/government/uploads/system/uploads/attachment_data/file/192091/foreign_currency_bank_accounts.pdf On the other hand, some information I found is contrary to that: > It can be tax free when carried out on spread betting accounts. Gains that may arise from ordinary currency trading, however, are typically taxed as capital gains or income. https://www.quora.com/Is-Forex-Trading-actually-tax-free-in-England Could someone confirm what of those two is right, please? Thank you!
Hey guys, I live in the UK and ive just joined my friends company on the forex market. He uses a bot to predict the market and it work extremely well. I’ve only invested £500 and been doing it for 2 days and already made 5% profit on my investment. I’m just curious as to what I would have to pay in tax. I have a full time job and pay tax on that already at 20% but I was told by my friend that they don’t take that into account and I won’t have to pay tax until I earn over £10,000. This seems too good to be true to me, they said it came under capital gains tax and that what they were doing was not spread betting as they are using a bot. Can anyone shed any light on this for me? I’m not very savvy with this as I stated I’ve only been doing this for 2 days and I literally do nothing, all I’ve done is put £500 in and it’s making me profit. Thanks in advance
Newbie Live UK trader with questions about trading, tax, and spread betting
hey forex bros, I'm a newbie UK trader with questions regarding tax, spread betting and trading. A little bit about my situation; I've had a live acc for about 2 months now, demo traded close to a year and a half. Live so far is going almost too good to be true! which is always nice but I'm treading lightly cos based on my stats, I'm bouned overdue some trades not going my way. Anyways, The reason I'm posting is because i always assumed traders don't get TAX'd in the UK. I didn't realize it only applies to spread betting until a couple days ago. I trade with Oanda, after learning this I've opened a spread betting acc with them and the UI and method of placing a trade/bet seems almost identical BUT it cant be right? my questions; - is there more of a risk to spread betting than normal trading? if so what is it? - would say a massive account closing SL slip be dealt with the same in spread betting as it would normal trading? - if trading is safer, would it be better to go back to trading and pay tax? - if you're a UK citizen too, what do you do and why? thanks for your time
Forex Trading UK- Tax free or not? Does it need to be with a UK broker? Does it need to be a spreadbet?
Hi All, I'm looking for advice. I have started making some money doing forex trading. I use IC markets as a broker. I am resident in the UK and forex trading is my second income. I haven't withdrawn anything from my trading account. I am really confused about the "forex is tax free" condition in the UK.... so a few questions and really grateful for some answers! 1: Do I need to be registered with a UK broker in order to fall under the "forex trading is tax free, as long as it's second income" or does IC markets work for me? 2: Does it need to be a spread bet account? only a handful of companies do this, and they give a leverage of 1:30. I need 1:500 as my trading account isn't the word's biggest, tens of thousands gbp. 3: Do I need to file some sort of tax return? I may have more questions as you lovely, learned people give me answers! Thank you
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I'm new to forex trading, I can't seem to find a broker that fits my needs perfectly. I live in the UK so spread betting would be nice as its tax free, also I want to start with micro lots so 10c/p per pip is what I'm after. Also a broker which doesn't charge £50 per withdrawal would be nice. Also tight spreads is a must. I'm not too bothered about trading platform. Is there anything out there like this? I haven't been able to find anything good.
The general assumption is that financial spread betting is tax free here in the UK (at least under the current tax laws). However, this isn’t always 100% the case. The crux of the issue seems to be the nature of your trades, as summarised here (taken from the Times) HMRC will try to tax betting if it forms part of another trade. To be taxable, the spread-betting wins must come not merely ... Forex trading is tax free in the UK if it is done as spread betting by an amateur speculator. How do you pay tax on Forex? In the U.K., if you are liable to tax on personal profits from Forex trading, it will be paid and charged as Capital Gains Tax (CGT) at the end of the tax year. UK Tax on Forex, CFD Trading & Spread Betting. Once you have a funded trading account and are making trades you may be liable for tax on Forex trading profits and you may also be allowed to claim tax relief on any trading losses. The advice below is strictly for UK residents and is a brief guide only, please seek the advice of a tax professional before following any of the advice on this blog ... They are regulated by several top-tier regulatory bodies including the FCA in the UK where spread betting is legal and they have collected more than 60 forex trading related awards in total. Here you can start your spread betting account with as little as $100 through their very intuitive beta platform FxPro Edge that allows for a great and interactive spread betting experience. The tax on forex trading in the UK depends on the instrument through which you are trading currency pairs: you can fall under spread betting or you can trade contract for difference (CFD). If the trading activity is performed through a spread betting account the income is tax-exempt under UK tax law. Spread betting, from forex trader perspective, is the process in which the trader speculates ... WHY SPREAD BETTING? With spread betting you are not making a physical purchase or sale, so you do not incur some of the drawbacks of trading physical assets. Chief among these in the UK is the need to pay stamp duty or Capital Gains Tax on purchases and sales. And because profits from betting are not taxed in the UK, any money you make from spread betting is yours to keep in full. M y understanding that is UK trading is free of tax for all, ... So if you bet on forex (trade) via a spread bet company with your own money and on your own behalf with no financial interest from any other party, then currently you will not be liable to tax on your gains. Just to add if you are trading rather then spread betting, there is a capital gains allowance of around 10k per year which ...
New tax implications for CFD and Forex traders... #cfd ...
FOREX TRADİNG-Spread Betting Opportunities in Gold Uk Spread scarlet26. Loading... Unsubscribe from scarlet26? Cancel Unsubscribe. Working... Subscribe Subscribed Unsubscribe 35. Loading ... For UK citizens spread betting is treated as gambling and as such all spread betting winnings are tax-free. PLEASE SUPPORT US BY LIKING THIS VIDEO IF YOU FOUND IT USEFUL We also don't have to pay ... Spread betting is basically a tax-free wrapper (if you're in the UK) of speculating on the direction of a market.. This could be the direction of an index like the FTSE 100, a currency pair like ... The spreads are now very narrow; costs have come down. The other thing is interest rates. Back in the old days when interest rates were 6 or 7% in the UK; interest rates were much higher and hence ... This is a spread betting training course for traders with a particular focus on short-term trading. Learn spreadbetting from an experienced trader in the fie... Spread Betting Strategies and Ideas. 4 Spread Betting Strategies 4 Spread Betting Strategies - Trend Trading; a trend is basically something that is continuing in one direction. CLICK HERE FOR MORE INFO: https://rebrand.ly/forex33 And start earning in the Forex Market Now! In our growing multinational corporate environment, there are... Tax implications for CFD and Forex traders. Rumours are that the government are looking to reduce the Capital Gains Tax allowance in the UK. How does this af... Financial-Spread-Betting.com is where betting and finance meets, on the trading floor. This is a place where we can inform, and educate little, and hopefully entertain a little too. Spread betting ... CLICK HERE FOR MORE INFO: https://rebrand.ly/forex33 And start earning in the Forex Market Now! In our growing multinational company atmosphere, there are fi...