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bigduckontax, Accountant
Category: Tax
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Experience:  FCCA FCMA CGMA ACIS
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Are profits from spreadbetting forex exempt from tax even if

Customer Question

Are profits from spreadbetting forex exempt from tax even if it is your primary income source
Submitted: 11 months ago.
Category: Tax
Expert:  Sam replied 11 months ago.

Hi

Yes they are as they are treated as gambling - and not a source of income

Thanks

Sam

Expert:  bigduckontax replied 11 months ago.

Whilst my colleague is correct that spread betting on Forex is classified as gambling you should be aware that if you spend all day glued to your PC so trading HMRC may classify it as a business activity and seek to subject your net profit to Income Tax (IT).

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