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Tax on Spread Betting

Posted Mon, 03 Jul 2023 15:07:41 GMT by
If I retire and full time spread bet on Index Futures over 20 buy /sell a day using my personal saving. Will HMRC consider it as trade? Will I pay income tax or Capital Gain Tax? Thanks
HMRC Admin 5 Response
Posted Fri, 07 Jul 2023 15:37:28 GMT by HMRC Admin 5 Response
Hi

Please refer to guidance at - CG56105 - Futures: financial futures: financial spread betting - HMRC internal manual - GOV.UK (www.gov.uk) 
and also BIM22015 - Meaning of trade: exceptions and alternatives: betting and gambling - introduction - HMRC internal manual - GOV.UK (www.gov.uk)

Thank you
Posted Sun, 23 Jul 2023 01:45:57 GMT by
So, I'm not organising a gambling business, I don't need to pay tax even if it’s my main source of income.

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