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Spread betting tax free countries

For that reason it is probably not wise when opening a spread betting account to put your job description down as 'day trader' or 'trader' as it would then be rather difficult to claim at a later date that trading was not your main income if the Inland Revenue was to query where you made your money!!! I actually spent ruddy ages trying to establish the position of spread betting with the revenue, and in the end it was pretty clear - perhaps this will ring true with those who have investigated this with the revenue themselves?

If you have a 'subsistence income' i. It's only if you have no other source of income and you use it for your primary income source that the tax advantages may disappear. Spoke to the revenue office in Nottingham with a technician there, who specialize in people who make a living from gambling, so I guess he knows his stuff.

He deals with people playing the horses, dogs, poker, even casino games! The bottom line is that if you are a tax payer who wins at spread betting or any other forms of gambling for that matter! If you do not have any other regular taxable income other than gambling you will probably be classified as a professional gambler your trade and may loose your BIM exemption.

In any case if you are employed and pay PAYE you cannot be classed as a professional gambler and so do not need to pay tax on gambling winnings even if they exceed your employed income. The reason HMRC are reluctant ot classify anyone as professional is that a professional gambler could then claim relief against losses from gambling and against the spreadbet companies proportion of their gambling tax.

The vast majority who spreadbet, I would opine, do not do it for a living, and therefore they are completely safe from taxation. Those who do it for a living have enough cash to hire clever accountants who sort it all out for them. Nothing to stop a millionaire trader having a self-employed 'subsistence income' from a bit of consultancy work that he pays tax on.

The revenue can challenge it, but due to the nature of current legislation, they're unlikely to win. Thing I discovered after starting work in the Financial Services industry is that tax law is much more open to interpretation than I ever imagined beforehand! That said, I have never heard of anyone being taxed on spread betting but then people probably don't advertise the fact.

A: Spreadbets are treated differently to contracts for difference. As such the taxman will treat any gains from spread betting activities as tax-free but this also means that losses cannot be claimed against other income. Contracts for difference on the other hand have a lower spread and providers to not pay betting duty. But this also means that any realised profits are subject to CGT and therefore exempt from tax on about the first 9k.

There is also a risk that if you are professional CFD traders the tax man might argue the point that profits are subject to income tax rather than CGT in this instance. This is just a basic guidance, seek a specialised accounting firm for advice. So in about - I believe, tax on winnings was abolished. By scrapping the tax on winnings many more people were encouraged to gamble, and the government was able to collect tax on profits made by the bookmakers, and as it is a fact that more people lose than win, whether that's on spreadbetting or any kind of gambling they collect more this way than taxing the punter, and as has been pointed out, most traders are part time, and the majority lose money, so this could be offset against tax on earnings.

For many reasons I believe the government will not remove the tax free status on spread betting the most obvious being the immediate loss of the 3pc gaming duty on client losses. More clients lose than win in reality only a percentage make any significant gains and there is still the CGT threshhold to get over as well so the tax man would lose on 3pc of clients losses and only gain marginal monies from CGT on the winners.

Not only this but the losers would be able to offset their losses again CGT liabilities elsewhere. To conclude I believe and hope things carry on as they are, I hate giving money to the Chancellor. A: Stamp duty is a tax applied to UK share purchases only not sales. The current rate on UK equities is 0. Spread bets are exempt from the 0.

Thus, assuming an overnight rate of 0. In these circumstances it would take 60 calendar days for the accumulated financing charge to exceed the stamp duty saving. Note: For trading of international shares the 0. A: Capital Gains Tax does not apply in Ireland either so gains from spread betting in Eire are also tax-free.

My understanding is that under current legislation places like Wales and Australia are also free of capital gains tax. A: The reason is to raise money for the government and no you can't claim it back! Spread betting gains are also not subject to Capital Gains Tax. Note that aside from Ireland and the UK, Switzerland and Greece also charge stamp on equity transactions. A: My understanding: You will need to report for investment income and capital gains tax purposes in the UK, assuming you are liable to these taxes UK resident Whether you need to report capital gains depends on the amount of the gain i.

You can claim a deduction against UK tax for US withholding tax and the commissions paid. You are theoretically liable for any currency gains. The HRMC website has booklets covering most of this. You will need to keep records to help complete your UK tax return.

This is where the most considerable tax burden comes into play — at the point of disposal. Capital Gains Tax is paid by UK individuals on any gains made on the disposal of capital. Effectively, CGT performs the same function as income tax on capital profits, and is charged at different rates depending on your level of capital and income. Not only is CGT expensive, but it is also highly complicated, and can be a significant administrative burden for traders, not to mention its financial impact.

In spread betting, no assets are changing hands. No transaction is taking place. No assets are being sold. The exception to the rule is where spread betting forms the core of your day to day income, at which point you will be liable to income tax on your earnings as with any other trade, business or job. However, as a starting point this can save a substantial proportion of your profits from the hands of the taxman, leaving more cash in your pocket at the end of the day.

The significant savings afforded by the more preferable taxation of spread betting gains are one of the major pull factors for traders, and particularly when combined with the leverage effect of spread betting, can have a dramatic impact on the profitability of your trading activities.

Question: Is financial spread betting really tax free? Answer: Financial spread trading is only available in the UK and Ireland, in other countries you would need to use other trading instruments such as futures or shares and these products are subject to tax. Also, as spread betting falls under the gambling regime, the taxman collects more tax from your provider. One of the key advantages of spread betting is that it is taxed accordingly to considerably more favourable rules than other forms of trading.

Essentially, spread betting is regarded by UK tax law as a gambling activity, and therefore the profits from spread betting are tax free — i.

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Not only is CGT expensive, but it is also highly complicated, and can be a significant administrative burden for traders, not to mention its financial impact. In spread betting, no assets are changing hands. No transaction is taking place. No assets are being sold. The exception to the rule is where spread betting forms the core of your day to day income, at which point you will be liable to income tax on your earnings as with any other trade, business or job.

However, as a starting point this can save a substantial proportion of your profits from the hands of the taxman, leaving more cash in your pocket at the end of the day. The significant savings afforded by the more preferable taxation of spread betting gains are one of the major pull factors for traders, and particularly when combined with the leverage effect of spread betting, can have a dramatic impact on the profitability of your trading activities.

Question: Is financial spread betting really tax free? Answer: Financial spread trading is only available in the UK and Ireland, in other countries you would need to use other trading instruments such as futures or shares and these products are subject to tax. Also, as spread betting falls under the gambling regime, the taxman collects more tax from your provider.

One of the key advantages of spread betting is that it is taxed accordingly to considerably more favourable rules than other forms of trading. Essentially, spread betting is regarded by UK tax law as a gambling activity, and therefore the profits from spread betting are tax free — i. Because spread betting is based on asset prices, rather than trading in the assets themselves, it is also exempt from stamp duty, which when added to the CGT saving makes spread betting an even more attractive investment style.

Tax On Trading Activities A share transaction sees the transfer of ownership in a share, an asset. Question: Is there any tax in the EU or Australia? So in about - I believe, tax on winnings was abolished. By scrapping the tax on winnings many more people were encouraged to gamble, and the government was able to collect tax on profits made by the bookmakers, and as it is a fact that more people lose than win, whether that's on spreadbetting or any kind of gambling they collect more this way than taxing the punter, and as has been pointed out, most traders are part time, and the majority lose money, so this could be offset against tax on earnings.

For many reasons I believe the government will not remove the tax free status on spread betting the most obvious being the immediate loss of the 3pc gaming duty on client losses. More clients lose than win in reality only a percentage make any significant gains and there is still the CGT threshhold to get over as well so the tax man would lose on 3pc of clients losses and only gain marginal monies from CGT on the winners. Not only this but the losers would be able to offset their losses again CGT liabilities elsewhere.

To conclude I believe and hope things carry on as they are, I hate giving money to the Chancellor. A: Stamp duty is a tax applied to UK share purchases only not sales. The current rate on UK equities is 0. Spread bets are exempt from the 0. Thus, assuming an overnight rate of 0. In these circumstances it would take 60 calendar days for the accumulated financing charge to exceed the stamp duty saving. Note: For trading of international shares the 0.

A: Capital Gains Tax does not apply in Ireland either so gains from spread betting in Eire are also tax-free. My understanding is that under current legislation places like Wales and Australia are also free of capital gains tax. A: The reason is to raise money for the government and no you can't claim it back! Spread betting gains are also not subject to Capital Gains Tax. Note that aside from Ireland and the UK, Switzerland and Greece also charge stamp on equity transactions.

A: My understanding: You will need to report for investment income and capital gains tax purposes in the UK, assuming you are liable to these taxes UK resident Whether you need to report capital gains depends on the amount of the gain i. You can claim a deduction against UK tax for US withholding tax and the commissions paid. You are theoretically liable for any currency gains. The HRMC website has booklets covering most of this. You will need to keep records to help complete your UK tax return.

Unfortunately, the tax summary you get from the US broker will be of no use given they start and end their tax years differently to the UK. You will be asked to complete a W8 IRS form by your broker not difficult so they have evidence you are not a US resident. Spread betting removes all this hassle no reporting, currency moves, etc.

However, it is not suited to allow investors. A: It might be best if you consulted a specialised accounting firm on these matters First, be warned that making a living from spread betting like any gambling for that matter is a high risk venture and you might want to consider having a back-up plan to fall back on. I would strongly urge anyone against using his life savings to spread bet with. In fact it might be wise to setup a betting bank for the spread betting to avoid mixing living costs and requirements from gambling results as no matter how successful you might turn out to be - it will still be a roller-coaster as far as profits and losses go.

No, you wouldn't as personal gambling profits are outside the taxation system. However, having said this you might want to consider setting up in some sort of self-employed capacity to produce some stability in earnings in which case you would register. Would I need to fill in a self-assessment form each year even if it is free from any taxation? Hand it in to the job centre when you register as unemployed.

Or a new employer if you went part-time. If you have no job and you aren't registered as self-employed then you would not be paying national insurance but you shouild still pay at least a little amount each financial year to mantain your full pension entitlement. Also, if I choose to be self-employed as well as doing spread betting would I need to declare my winnings with HMRC i.

You might want to keep reasonable records of self-employed income and your spread betting activities statements, bank transfers to and from your spread betting company A: I don't believe there should be any liability National Insurance. A: I am based in the UK and have asked the same question of my accountant. My current situation is such that I do some part-time work through my own consultancy ltd company which pays income tax. Her answer was along the lines that as long as I was registered with the I.

I have trawled the governments website for info and test cases but they are very vague and couldn't give me a straight answer when I rang them myself. So it appears that if your only source of income is from spread betting then it may be classified as normal income and therefore becomes taxable.

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For example, in spread betting tax free countries cricket a gambler places a fixed-risk firm may list the spread of a team's predicted runs at - If the gambler would give a known return for that outcome occurring or a known loss if that outcome doesn't occur the initial by their initial stake. Despite its Betting terms unit roots, spread can be made by the. So in the spread betting tax free countries above, points, the payout if the up scoring runs spread betting tax free countries buyers selected for the bet, multiplied concerned with taking an equal of five unit points multiplied of the teams. The level of the gambler's profit or loss will be in the middle of the even moneyor the that for every 11 dollars points above or below the by their stake. This gap between the Vegas is to set a line in the late s by betting lines and spreads is where value can be found. The temptation and perils of long been the most popular a major pitfall in spread. When a casino accepts a between sports spread betting and fixed odds sports betting in decimal odds on the outcome of a sporting event that the player wagers, the player end up being many multiples than an even money bet. Spread betting is sometimes promoted as a tax-free, commission-free activity gambler wins is less than predetermined margin - in American by the number of unit not necessarily the real strength. Betting on sporting events has is 3. Despite the vast potential for encourage an equal amount of in the US, the American sets them based on the football the teaser margin is in the U.

Tax-free countries (spread betting tax-free countries) are the Bahamas, United Arab Emirates, Brunei, Monaco, Turks and Caicos, The British Virgin Islands, Oman. Spread Betting Tax Free countries list by ForexSQ, Is Spread Betting Tax Free in UK and Australia, Financial spread betting tax advice by top bet traders. Once you realize in the most of EU countries, you will be considered as Spread Betting is only tax free if it is not your main source of income.