Spread Betting Uk Tax Free
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Spread Betting Uk Tax Free
Can I hold a spread betting account if I live outside of the UK?
Is spread betting actually tax free in England?
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Spread bets and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 79.8% of retail investor accounts lose money when trading spread bets and CFDs with this provider. You should consider whether you understand how spread bets and CFDs work, and whether you can afford to take the high risk of losing your money.
Enjoy tax-free profits* while trading forex, commodities and indices on industry leading platforms MT4, MT5 and cTrader.
Plus, get award-winning support when you need it.
It's quick and easy to get started. Apply in minutes with our simple application process.
We know that every trader is different but there are some things that all our clients look for in a spread betting account.
Automated trading when you build your own EA
Access to industry leading platforms MT4, MT5 and cTrader.
FCA-regulated broker, processing an average of more than $12bn USD per day^
Award-winning customer support, dedicated to providing you with an exceptional trading experience
Discover a wide range online resources, trading guides and expert webinars
Spread betting is a tax-efficient way of speculating on the price movement of thousands of global financial instruments, including indices, shares, currency pairs, commodities and treasuries. It allows traders and investors to take a position on whether they think a market will rise or fall without having to buy or sell the underlying asset.
Spread betting and CFD trading are leveraged trading products that offer many of the same benefits. They’re similar in that they’re both margined products. This means you can open a relatively large position while putting up just a small percentage of the full value of the trade. The main difference is how they're treated for tax. Find more information read our Spread betting vs CFDs page
If you're an experienced trader you may be eligible to trade spread bets as a professional. Watch our short video guide or find more information here .
You need to be aware that you'll lose some retail client protections such as negative balance protection and leverage restrictions won't apply to you.
If you have any questions regarding our Pro offering, please contact us on +44 (800) 0465473 (UK toll free) or premium@pepperstone.com .
It's quick and easy to open a spread betting account with us. Apply in minutes with our simple application process.
Spread betting accounts are only available to traders in the UK and Ireland.
* In the UK spread betting profits are exempt from capital gains tax. Please be aware that tax treatment depends on your individual circumstances and tax law may be subject to change.
© 2020 Pepperstone Limited Company Number 08965105 | Financial Conduct Authority Registration Number 684312
Risk warning: Spread bets and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 79.8% of retail investor accounts lose money when trading spread bets and CFDs with this provider. You should consider whether you understand how spread bets and CFDs work and whether you can afford to take the high risk of losing your money.
Trading derivatives is risky. It isn't suitable for everyone and, in the case of Professional clients, you could lose substantially more than your initial investment. You don't own or have rights in the underlying assets. Past performance is no indication of future performance and tax laws are subject to change. The information on this website is general in nature and doesn't take into account your or your client's personal objectives, financial circumstances, or needs. Please read our legal documents and ensure you fully understand the risks before you make any trading decisions. We encourage you to seek independent advice.
Pepperstone Limited is a limited company registered in England & Wales under Company Number 08965105 and is authorised and regulated by the Financial Conduct Authority (Registration Number 684312). Registered office: 70 Gracechurch Street, London EC3V 0HR, United Kingdom.
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So is Spread Betting really tax - free ?
Spread Betting UK - Open a Spread Betting Account | Pepperstone UK
Spread Betting and Tax in the UK
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Spread betting - Wikipedia
October 1, 2013 by Terry posted in • No Comments
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One of the most publicized benefits of spread betting is that any profits that you acquire are totally exempt from taxation if you are resident of the United Kingdom. However, why is this and are there any other major implications that should be bought to your attention? Before proceeding further to investigate this subject in more depth, you need to consider the next very important statement:
“Tax laws can alter and can differ in other jurisdictions outside Great Britain. Consequently, you should always take legal and financial advice when evaluating your tax obligations”
Presently, profits produced from financial spread bets are exempt from UK tax . They do not attract either capital gain or income tax liabilities. The reasoning for these decisions are, in each case, totally legitimate and center about the basic issue concerning whether spread betting transactions are gambling bets. For instance, you will only be subjected to capital gain taxation if you sell an asset at a profit. Clearly, as spread bets do not involve the transfer of asset ownership then you should be exempt from this form of taxation.
Nevertheless, you can encounter problems if you create a profit stream from your trading activities which then becomes your principle source of income. Under such circumstances you will be utilizing your expertise and abilities to create a livable salary in a similar way to other consultants, such as doctors and lawyers. If you were fortunate enough to achieve such a desirable status that you will have PAYE obligations. If you are uncertain about your professional status then you should always consult with an appropriate expert about these matters.
What is the viewpoint of the UK government? There are some good reasons why the UK Inland Revenue is not desperately in a hurry to modify the current taxation status of spread betting. This is because not only will profits be subjected to taxation but losses could then be used to offset future taxation liabilities . Such a situation could cause serious problems for the UK authorities. As the majority of spread betters are gamblers and not professional traders, most of them lose consistently as opposed to capturing consistent streams of profits. As such, the Inland Revenue could lose more income than it would gain if it started to tax spreading betting seriously.
Do any other taxation implications exist that you need to consider if you are a UK citizen? Yes, there is. For instance, the downside to your spread betting profits being exempt from tax is that your losses cannot be used to offset your future taxation obligations. In contrast, you would be entitled to this important benefit if you were involved with other more traditional forms of speculation, such as trading the stock and currency markets directly.
The Implications of Tax-Free Spread Betting
As already stated, if you are an UK citizen then your profits will not be subjected to capital gain or income tax levies. In addition, your spread betting activities will not attract stamp duty. You will find that not being eligible to capital gains taxation is a big advantage as this status will prevent you from losing a significant portion of total earnings. There are also no income taxation liabilities pending which could strip as much as 50% of your total returns if you have a high income status.
However, you need to appreciate that your spread betting activities will only remain tax free as long as they does not become your primary source of income. Consequently, many taxation specialists advise that you should list yourself as a trader or day trader when you initially open an account with a spread betting broker. This is because if you do not undertake such a step then you could experience difficulties verifying that spread betting is not your key source of income if the UK Inland Revenue should query your status at a later date.
Essentially, if you earn enough to survive by using other legitimate sources of income then your spread betting income will not be subjected to taxation. You will only encounter problems if this is not the case and you are living totally from the earnings acquired from your spread betting pursuits. If you have any doubts whatsoever, then you are advised to consult with the UK Inland Revenue directly in order to resolve any uncertainties.
In a nutshell, if you are a successful spreading betting trader who earns a consistent stream of sizeable profits then you will be exempt from any form of taxation as long as this is not your primary source of income. In contrast, if you do not have another taxable occupation then the Inland Revenue will classify you as a professional gambler and you will lose your valuable tax exemption status.
So for the sake of total clarity, if you already pay Income Tax though some other form of employment then your spread betting activities will not be subjected to taxation even if the profits that you acquire exceed your income. This is because you will not be categorized as a professional gambler under such circumstances.
The primary reason why the Inland Revenue is so reluctant to classify you as a professional gambler is that you will then be entitled to use your trading losses and costs to offset your future taxation obligations. Currently, as the majority of UK spread betters are not full-time gamblers then they are not subjected to any form of taxation.
If you were so fortunate as to make a living from this form of speculation then you may be so wealthy that you could recruit the professional services of an accountant to address your taxation issues. In addition, you could also provide yourself with some form of protection by creating a self-employed subsistence income which could attract PAYE . However, if you do adopt such a ploy then you must appreciate that UK taxation laws are open to interpretation as well as being updated on a regular basis, especially to address any loopholes.
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