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bigduckontax, Accountant
Category: Tax
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I am a retired pensioner paying no tax,but I am considering

Customer Question

I am a retired pensioner paying no tax,but I am considering investing in Binary Trading. Should I be fortunate enough to actually make money am I then responsible to pay income tax. Some people tell me it is not taxable whilst others say it is. Please advise.
Submitted: 1 year ago.
Category: Tax
Expert:  bigduckontax replied 1 year ago.

Hello Mike, I am Keith, one of the experts on Just Answer, and pleased to be able to help you with your question.

Providing you do not spend all and every day glued to your PC trading then this activity is classed as gambling and thus not subject to tax.

If you work full time at it it would be classed as self employment and subject to Income Tax (IT) like any other business.

i do hope that you have found my reply of assistance.