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Posted Fri, 11 Nov 2022 09:26:51 GMT by Yatin Sardana
Hi I am a full time worker in the NHS. I also spread bet on the side. I have done some research around this topic and have read BIM22019, BIM22020 and other articles - it appears spread betting is classed as betting/gambling. I have a main source of income. My questions are: 1) Are my gains from spread betting taxable? 2) Do I have to declare them? 3) Who decided and at what stage is it decided if it is taxable? 4) If taxable, is it on income tax or CGT
Posted Tue, 15 Nov 2022 11:50:43 GMT by HMRC Admin 17

Hi,
 
If the spread betting is seen as gampbling rather than a trade then there is no charge to income tax
or capital gains tax  .

Thank you.
Posted Thu, 26 Jan 2023 13:26:27 GMT by Fozia Muddassir
A further question on the above scenario, if funds are given from person A to a friend person B for spread betting (because they spread bet regularly) and then person B returns the funds with the profit from spread betting to person A, is this still tax free in the hands of person A, as it is tax free for person B? What documentation or agreement would need to be kept to evidence that person A had given funds for spread betting? Thanks.
Posted Mon, 30 Jan 2023 15:13:25 GMT by HMRC Admin 5
Hi,

This is a grey area.  With an increase in the frequency of betting, it could be argued that you are trading, especially if using other peoples money.

Thank you.

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