Spreadbetting in the UK

[Hyper]

I’ve just read on FXCM’s website

Spread Betting: FXCM UK offers [B]tax exempt[/B] spread betting accounts exclusively to UK and Ireland Residents. Residents of other countries are NOT eligible. Spread betting is not intended for distribution to, or use by any person in any country and jurisdiction where such distribution or use would be contrary to local law or regulation.

So does this mean that I do not have to declare any profits made via spreadbetting to the tax office?

[aidysproule]

So does this mean that I do not have to declare any profits made via spreadbetting to the tax office?

Correct. All spread betting profits are tax free in the UK.

[Jason_Rogers]

I’ve just read on FXCM’s website

So does this mean that I do not have to declare any profits made via spreadbetting to the tax office?

Hi Hyper,

Spread betting is exempt from UK Capital Gains Tax. However, tax laws are subject to change and depend on individual circumstances. It would be best for you to consult a tax professional about your specific situation.

[VladWulf]

I’ve just read on FXCM’s website

So does this mean that I do not have to declare any profits made via spreadbetting to the tax office?

No it is exempted from capital gain tax.
If spread betting is your only professional activity then you’ll pay normal taxes.
However if it’s on the side stuff you pay nothing because this is considering as gambling.