RE: CHARTS -T LINE TIPS20 Mar 2017 13:44
Hi LEFKOSIA Heres what you missed.
Forex trading/gambling
http://www.accountingweb.co.uk/any-answers/forex-tradinggambling
On 18th Mar 2017 | SkyAccounting Wrote:
Hi Tim
The whole point of waking the matter up again was purely so that 'current' readers (not the ones from 3 years ago) could hear it directly from the horse's mouth, who has a great deal of experience in this area of tax, as most (if not all) of the previous responses above were clearly from non-tax experts who weren't able to justify their facts properly with anything concrete or any kind of proper case law. Us tax experts we thrive on facts, not guesses. I'd therefore hate to see 'current' readers still confused over whether spread betting was taxable or not. So finally 'current' readers can sleep peacefully tonight knowing the correct facts. Hope you have a great evening too!
You can view it by clicking on the link below.
http://www.accountingweb.co.uk/comment/585349#comment-585349
It is amazing how much ignorance is out there even in the accountancy profession. As a fellow chartered accountant FCA I can confirm that ALL spread betting whether forex, indices, shares or commodities is classed as gambling and as such is completely free of all tax i.e. not subject to income tax or capital gains tax.
However, when one dies the wealth generated by successful spread betting is potentially subject to inheritance tax at up to 40 per cent if suitable legal tax avoidance measures have not been put in place prior to death. With the aid of spread betting it is possible to pay no inheritance tax at all or greatly reduce it, even on death bed planning. That is privileged professional information but for the more astute it should not be too difficult to work out.
Glita
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