Regulations/tax/how much you can make:in the uk?

[prettrad]

Hi All,

I'm based in the UK and was wondering if there's a regulation on how much you can make and related tax liabilities in the uk.

Does anyone know more about these matters?
Would it be different if I hold my trading accounts overseas maybe the US or the mid-east or even the Isles?

regards,
Pret

[pipalot]

Hi Pret,

My understanding is that us UK traders can be tax free - if we place our orders through one of the spread betting agencies (which are all very similar to a forex brokers) then any gains you make should be tax free since they are treated as profits from gambling. There is no tax on profits made from gambling under current UK tax legislation.

Check out the following spread dealing sites (most of which also confirm the tax free status in their sales pitch):

Capital Spreads Online Financial SpreadBetting - Spread Betting Commodities, Forex, Indices
www.finspreads.com
IG Index - Financial Spread Betting
Twowaymarkets Ltd : CFDs, Futures, Spreads, Forex and Managed Accounts
Worldspreads
other sites also listed on worldspreads.co.uk

Please also take tax advice from the tax office or your accountant to check this for yourself. I don't know which is the best site to trade through, so please don't consider the above list as recommended by me, you'll obviously want to do your own checks before signing up with any of them.

I hope this helps. I am a little suprised no-one else responded to your thread sooner.

Kind regards,

Pipalot

[prettrad]

hey buddy thx for your mail.....u're a star !

[Harry]

Originally Posted by prettrad

Hi All,

I'm based in the UK and was wondering if there's a regulation on how much you can make and related tax liabilities in the uk.

Does anyone know more about these matters?
Would it be different if I hold my trading accounts overseas maybe the US or the mid-east or even the Isles?

regards,
Pret

I do not not about the UK as I am from Brazil and have my trading accounts in Brazil. I have heard that middle east have some extra liabilities in taxation. I am sure as I have only heard, I may be wrong. But would like to know any body here from Mid-east??

[Moddy]

It would be very difficult for the person living outside UK to tell exactly about the earning potential fro there. But if you talk in approximate terms then then I think it would be relatively easier.