UK Tax Law’s Advice Required

Hi,

For those Traders in the UK, I am wondering what the Tax laws are?

I’ve done some research and basically if you are an amateur trader, any profits are non taxable.

Is this correct, no matter what your tax band is?

Thanks,

Willie

If you trade via spreadbet platform available from most UK brokers - then no capital gains (or losses) tax.

Edit- only available to UK clients

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no, it’s completely wrong

as Peterma mentions above, spreadbetting is tax-free, if you’re UK-resident - the profits from any other form of trading are taxable in the normal way, after deducting the losses and expenses

in spite of having been in the industry, one way and another, for decades, i’m not qualified to give tax advice, and you need someone who is, not “forum opinion”

Well, I don’t think that it is the best place for you to get any advice on tax. You can get in touch with your CPA who deals in taxes on a regular basis. They have the right and updated information about everything related to tax and can guide you properly.

Already asked my UK accountant this question. Spreadbetting not taxable, forex trading is taxable if you exceed your personal income alowance. I am keeping records of expenses just in case.

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Depending on your tax class the first £1000 is tax fee. After that it is subject to capital gains tax. You might be able to create your own pension which would be tax free.

Remember this is the UK, they even have a death tax. They even have a tax for owning a house…

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