How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site. Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask bigduckontax Your Own Question
bigduckontax, Accountant
Category: Tax
Satisfied Customers: 6947
Type Your Tax Question Here...
bigduckontax is online now

I am an asylum seeker right now, with my application

This answer was rated:

I am an asylum seeker right now, with my application pending. I do have a trading account in the United States in which I can trade stocks and options. Would any income from trading there be taxable here and do I need to report it while my application is still pending and if/when my status is approved?

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

It would, but not until your UK residence is established.

Customer: replied 6 months ago.
until my status is approved, I can trade and not pay taxes?
Customer: replied 6 months ago.
how about support funds from family (quite substantial) .. are those taxable?

Well yes, but the residence will be backdated so you will be subject to UK taxation on your worldwide income.

Family support is gifts and outside the scope of UK taxation.

Customer: replied 6 months ago.
finally , how about gambling income. I am talking legitimate activity with established sports betting companies like bet365?

Gambling is outside the scope of UK taxation.

Please be so kind as to rate me before you leave the Just Answer site.

bigduckontax and other Tax Specialists are ready to help you

Thank you for your support.