Does anyone know what the tax implications are in UK ?
I’m hoping eventually to make some profits 
but as we are virtually taxed on the air that we breathe here in UK, I’m sure Her Majesties Revenue will want to know if I ‘earn’ anything.
Any advice please ?
Thank you
My understanding is that spread betting is tax free in the UK as long as it is not your primary source of income (I think because it is classed as gambling), but it depends slightly on how experienced your accountant is. I have a separate (unrelated) business, so pay my tax there. The story goes that a number of those people selling trading systems, or offering coaching for a fee, do so in order that that can be their income-generating business as far as the taxman is concerned, thus liberating their spread betting income from any tax burden (should stress that I do not mean that as a criticism of people who do that, I speak to motivation not the legitimacy of the services offered!).
But I am no tax expert, I leave all that to my accountant, so others on here might be able to offer a more concrete view.
Thank you for that, just to be sure I’ll get my OH to mention it to his accountant then. That’s a real bonus if no tax is payable.
Thank you
It is, indeed, a major bonus! My wife has a salary, on which we pay tax, and I pay tax on the income from my other business, but my accountant’s position is that the spread betting is, therefore, tax free (and yes, there is a profit there!). So I would get a second opinion if your accountant suggests that you should be paying tax on this.
Our intention is for my wife to give up work, at which point she will take over running my current business and my Forex trading will become liable to tax.
Thank you for the advice.