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Sam
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How do I account on profits from Binary Options tr

Resolved Question:

how do I account for tax on profits from Binary Options trading?
Submitted: 10 months ago.
Category: Tax
Expert:  Sam replied 10 months ago.
HiThanks for your question Its all a case of whether this is your only source of income and whether this is trading or gambling - perhaps you could advsie furtehr? Thanks Sam
Customer: replied 10 months ago.
1. It is not my main source of income
2. Profits are earned by predicting if an asset will go up or down in price if correct the investment is repaid with a percentage added if not the investment is lost.I just wanted to know if Binary options were regarded as gambling or were subject to capital gains in the UK.Gerry
Expert:  Sam replied 10 months ago.
Hi Gerry Thanks for your response Then it is on a par with spread betting which is NOT liable to tax at all, as deemed to be gambling rather than trading, so as long as you only do this for yourself as an individual rather than advsie others or act for others, then you have no tax consequence (if it was considered trade income then it would be liable to income tax - never capital gains) Let me know if I can assist further Thanks Sam
Sam, Accountant
Category: Tax
Satisfied Customers: 13699
Experience: 26 HMRC expertise, PAYE, Self Assessment ,Residency, Rental Income, Capital Gains, CIS ask for Sam Tax
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Customer: replied 10 months ago.
Thanks

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