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Can I ask if spread betting is taxable if your only source

Resolved Question:

Hi, can I ask if spread betting is taxable if your only source of income? If say for example you quit your job and do it full time
I have read BIM22020 and am still unclear. Especially with the last part "Whether or not a particular spread bet is taxable will depend on the terms of the contract and the economic substance of what is done"
Submitted: 6 months ago.
Category: Tax
Expert:  Sam replied 6 months ago.

HI Daniel

Thanks for your question - I am Sam and I am one of the UK tax experts here on Just Answer.

Whether this is full time or not, HMRC will only consider his a trade (and therefore liable to tax) if

1) You place bets for others using their money and earn from this

2) You are part of a syndicate

And that is the position is the terms of the contract and the economic substance of what is done, refers to

Other then that, in the main gambling (which this still falls within the cope of) is not liable to tax, and whilst profits (gains) are not liable to tax, losses cannot be then claimed either.

Let me know if I can assist further, but if you have all that you need, then it would be appreciated if you could rate me for the level of service I have supplied (or click accept)

Thanks

Sam

Sam, Accountant
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