DO TRADERS PAY TAX?

[@borntodoit8744]

Excellent video to keep I spoke to HMRC myself, came to same conclusion s I confirmed no tax on gambling winnings as long as trading (spreadbetting) isn't "seen" as your main income (main job) 21:00 HMRC compares GAMBLING (for fun... short-term trades or sporadic attempts at trading) vs SPECULATION (for profit... short-term trades is potentially gambling still, long-term trades is investing) vs PRO TRADING (for income... whether short-term or long-term if you do it as a 1st job or even as a 2nd job...it is work!) vs INVESTING (for capital growth...whether short-term or long-term it's speculative hence taxable) You are taxed on your Speculator profit, Income profit your Capital profit (work attracts Income Tax IT and Capital Gains Tax CGT) You are NOT taxed on your Gambling profits (you are a Gambler, not speculating or working hence no tax to be paid) 22:36 HMRC rule of thumb (CG tax on investing [long-term] vs Income tax on Trading [short-term]) 21:34 tax illustration1 (income tax vs CG tax) 24:24 tax illustration2 (income tax vs CG tax) 25:00 24:28 Trading as a business ie LTD co.6 (HMRC criteria "badges of trade" 22:39 to proove you're a business / pro trader or speculator)

[@JasonGraystone]

BornToDoIt excellent contribution to this channel! Thank you for taking the time to write something so valuable to the trading community. Keep it up!

[@borntodoit8744]

@@JasonGraystone thanx...in truth if I recap it helps me understand the core points, if the comment helps others even better. This video was a much needed insight so thank you

[@thecolonel1982]

Thanks this has cleared things up for me. I have a limited business in construction so if i were to just spreadbet, i would not be declaring or taxed on any profits nor would i be able to claim for any loses/expenses???

[@victormelenciuc833]

If i did 1M £ ( short-term) like pro traiding , i will pay incam tax ??

[@kiradotee]

How much tax on pro trading? Just the income tax?

[@centurionguards3819]

What you said about having multiple accounts was pure gold.

[@dztrader]

not making any money yet, yet i still watched in full as i know for sure that this is my trade and am mastering it at the moment

[@thetraderjoe3799]

I've tried searching for this information a lot and There's little to no help on the internet so thankyou so much for clearing it up Jason! Very valuable video 🤘

[@JasonGraystone]

I agree! Glad you found it valuable.

[@BigManTingRJ]

Thank you Jason for this video recently got profitable and was looking everywhere for some info on tax here in the UK, much appreciated!

[@stevenmuyimbwa8747]

Jason, thank you so much, i had watched about 7 videos on taxation for traders, i have gotten more from this one than from all the others combined, granted i wanted taxation from the UK side, its more like my country, than the US Content. Thanks again.

[@trevoroneill8517]

I came across your video almost by accident. Started to browse and suddenly realized I’d found a GENUINE guy. Wow! You Sir are a rarity! Keep these coming in PLEASE...... Mr T.

[@dandanndannnnnn]

Nice one Jason. Please keep this video up as I might come back to it for future purposes👍

[@JasonGraystone]

Dann will do

[@wormwood6424]

Wonderful info thanks. Just what I was looking for.

[@TrayTrades]

Great video, Been trading for just under 2 years now & still didn't understand exactly how Tax works around Day-Trading. Made a lot of sense Thanks!

[@HappyHitman]

"Just get the right advice".... that's why we are here.

[@PokeymanTrainer]

And the right advice would be to speak to your accountant and explain your trading plan to see what category you fall in to

[@brucesmith6868]

Great stuff JASON this is what has been slowing me down is working through all the tax information before hand. Good to know I'm on the right path. Thank you.

[@JasonGraystone]

Excellent stuff. Glad we could help

[@brucesmith6868]

@@JasonGraystone thank you my friend !!

[@TheMrsgd]

Very informative video, especially from a UK perspective .Thank you!👍🏾

[@gazcutloose7232]

Thank you another good point to keep hold of. As I build my path into trading brilliant advice from all

[@JasonGraystone]

Great stuff Gaz

[@zouz8888]

Thank you Jason! very helpful and much appreciated!

[@affy45]

This is the best information on UK taxes on you tube, thanks mate its really made things clear

[@terry2544]

I agree 💯

[@islanddreamers]

thank you Jason , now we have a idea . but you can maybe trade from a foreign country where there is no control or am i wrong ?

[@Lilas_lilas]

Greetings! What about binary options trading? Is it tax free? Thank you

[@NickGypps]

Great to see you got round to making this video! One area that is even 'greyer' is the realm of trading and/or investing in crypto-assets. Possibly, not your area but increasingly folk will be investing in not only Bitcoin but other Distributed Ledger tokens.

[@JasonGraystone]

Sure. Thanks for watching

[@borntodoit8744]

Crypto trading is unregulated in UK so I don't see it guided under corporate taxation, or personal taxation... STAY OUT OF CRYPTO TILL ITS REGULATED.

[@TradingXAUUSD]

Cheers Jason, loved how u got professional people involved. I didn’t think it would be as simple as No Tax in the UK

[@borntodoit8744]

Excellent video to keep I spoke to HMRC myself, came to same conclusion s I confirmed no tax on gambling winnings as long as trading (spreadbetting) isn't "seen" as your main income (main job) 21:00 HMRC compares GAMBLING (for fun... short-term trades or sporadic attempts at trading) vs SPECULATION (for profit... short-term trades is potentially gambling still, long-term trades is investing) vs PRO TRADING (for income... whether short-term or long-term if you do it as a 1st job or even as a 2nd job...it is work!) vs INVESTING (for capital growth...whether short-term or long-term it's speculative hence taxable) You are taxed on your Speculator profit, Income profit your Capital profit (work attracts Income Tax IT and Capital Gains Tax CGT) You are NOT taxed on your Gambling profits (you are a Gambler, not speculating or working hence no tax to be paid) 22:36 HMRC rule of thumb (CG tax on investing [long-term] vs Income tax on Trading [short-term]) 21:34 tax illustration1 (income tax vs CG tax) 24:24 tax illustration2 (income tax vs CG tax) 25:00 24:28 Trading as a business ie LTD co.6 (HMRC criteria "badges of trade" 22:39 to proove you're a business / pro trader not just a speculator)

[@charanjitbanga1743]

So basically if trading is your main income it’s taxable, spreadbetting or CFD. What a bummer! I wish companies would stop touting this business as tax free in the UK. Just another way of luring people in to this industry and taking their money. Great Vid Jason. Thanks.

[@charanjitbanga1743]

What exactly am I wrong about. Before you ask me if I’ve watched the video I think you need to read my comments and understand what I’m saying. I didn’t say that sreadbetting isn’t gambling, I’m fully aware it’s gambling. I was saying that if trading is your main income through spreadbetting or CFD trading you will get taxed.

[@69smales69]

@@charanjitbanga1743 if trading is your primary source of income and you trade CFDS only is it still taxable through Capital gains tax or is it seen as income tax cos it's your only source of income ? This is the confusing aspect

[@charanjitbanga1743]

Steven Smales I believe CFD trading is liable for capital gains tax in the uk.

[@69smales69]

@@charanjitbanga1743 I believe that is solid info shared by a lot of traders but not so clear if its still CGT if your income is seen as the overwhelming main or sole Income. This is the grey area..does it then switch to income tax which is much higher than CGT. If it was a blanket CGT on all forex cfds it would be fine but..

[@69smales69]

@@charanjitbanga1743 Do you know anyone who trades full time, has their main income through CFD trading only and pays CGT not income tax even with huge profit? This is key . I'm sure HMRC will try class you as a pro trader or self employed trader this way and therefore tax you as income. But it's so difficult to say as each case is different

[@junior4131]

Mate this is absolutely brilliant read so much on this and even tho I have already found a lot of this information for myself this has cleared so much fuzziness up thank you!

[@JasonGraystone]

No problem at all

[@thomasashfield7284]

Since recently I thought all trading accounts on forex which have a spread are tax free but this is not the case you need to a spread account to be expected from tax as the spread account trades with stakes NOT lots

[@FHIPrincePeter]

Brought out around the right time of year.

[@ComplimentaryTherapy]

Do I need to pay tax on yearly basis or only when I make a withdrawal? For example, if I never withdraw from an account for 3 years. Do I have to pay tax every year or after 3 years when I withdraw? Thank you

[@JohnSmith-sb5ym]

Hey Jason man I just got to say you are an incredible educator for making this video it was so needed for me and many others and I can see it is becoming more of concern because the video was only created this year. So one question Jason and I'm sure it will help many others too: I've oppend a Ltd company and ive earnt £100,000 by the end of the year trading BUT it's still in my "trading account" and i have not made any withdrawals into my company account. Is that taxable or isit only once I make the withdrawal? Thank you

[@borntodoit8744]

Is an asset so shown on your company returns under assets ...not taxable in isolation but if offset against liabilities the the difference probably subject to CG tax It will be taxable the moment it is converted to a benefit ie as a company profit or as a directors dividend so subject to income tax I would check with a tax accountant, if your making 100k and setting up a company..spend the few quid they tax advice. As the video says don't ignore the tax aspect. See if you can setup a business and trading account outside the EU...then your not subject to UK laws (and I'm taxation). Find a country with more favourable taxation (let it be your retirement pot of money in another country separate from anything in UK). Just had a thought, what about including the profits of gambling (yes all 100k by an individual not as a company) but putting it into a n investment ISA or similar tax protected pension or trust for kids?

[@JohnSmith-sb5ym]

@@borntodoit8744 thanks a lot will take your advice especially on setting up offshore !

[@JasonGraystone]

John Smith it depends if the company is trading or a holding company. If it’s limited you may be liable for corporation tax on profits which is 20%

[@JohnSmith-sb5ym]

@@JasonGraystone I understand that the COMPANY is liable for tax but I asking what if I have not withdrawn the money in my trading ie brokers account?

[@69smales69]

@@JohnSmith-sb5ym did you get anymore info on if its taxed on withdrawn funds hitting your bank only or taxed when you close a trade regardless if you withdraw or not?

[@gateway_12a]

I don’t do spread betting I don’t do investing I do day-trade on the NYSE for my main income - Do I pay income tax or capital gains tax on my gains ?

[@FLEARMOY]

Thanks Jason , this is something I have been questioning myself 👍

[@JasonGraystone]

Hopefully this video will make you take the right approach and save any nasty surprises

[@susanais2514]

Hi Jason, thank you for this video - the best info on this issue yet... I've checked! Quick question - Please could you tell me whether VAT is charged on CFD's traded by a broker and if yes, at what percentage? Any exemptions? I am assuming no VAT on spread betting since it is exempt from tax. Br, Sue

[@hashas459]

With all due respect, hardly any major companies pay tax , Apple, Uber, and millionaires and many more. There are many ways to not pay tax so many countries that are off shore tax havens. Put the right information J. For instance Rolex the luxurious watch brand doesn't pay a penny tax since 1940s its registered as a charity. Lois Hamilton doesn't pay tax even the queen with all that money was involved in the Panama papers.

[@JasonGraystone]

With all due respect, I think your comment is completely irrelevant and unhelpful. Firstly, I’m not sure you understand the difference between tax avoidance and tax evasion. Secondly, I’m not sure if you are actually promoting either. Thirdly, we aren’t talking about major income. We are talking about traders running small businesses between $50,000 to $1,000,000 income per year as sole traders or maybe up to £10m as a limited company. Quite a contrast between the companies you mention earning billions per year. Please contribute to this channel with valuable comments in the future.

[@hashas459]

@@JasonGraystone it seems very unfair and wrong that these companies and other rich individuals don't pay next to any tax, whilst we have to. Its nothing personal to you or your channel. You are always providing value. I guess my reply was more my opinion.

[@JasonGraystone]

Has has no problem, but again, this video is to make sure people ARE paying the right amount of tax. In your first comment you are saying people don’t pay tax and now you are saying you should pay tax, 🤷🏻‍♂️

[@hashas459]

@@JasonGraystone what I'm saying is the law should work for and against everyone. But unfortunately it doesn't. Everyone should pay even the super rich and the companies that produce billions not just the people who make 50 k to 1 M as you mentioned.

[@borntodoit8744]

@@hashas459 don't vote Tory if you want more Regulation and equality ! Personally I think post Brexit the inequality in UK will force people towards trading (lack of work) and then finding more unique ways to minimize their tax liability (legal or illegal methods). People don't care as long as they get ahead.

[@datageek9132]

What if you earn £50000 in a cfd account and earn another £50000 in a spreadbetting account. Then can you only declare the cfd account as income Because spreadbetting account is supposed to be tax free.

[@gary-fu9sf]

Hi. Does the same apply if you have an “AXI” account and your making money from someone else’s trades, ie, “piggyback” trading.

[@topofmyhead7697]

Great video jay, one question. Is the money in a forex account without withdrawing it taxable ?

[@js22971]

Do we need to be FCA regulated to trade forex as a limited company? I'm seeing mixed responses online and when trying to create a company account with vantage markets it has a mandatory field "regulatory body"

[@69smales69]

Do you know with any concrete proof that you pay tax on withdrawn funds that reach your bank or do you pay tax on closed trades still in your account broker regardless if you withdraw profits or not. (UK by the way). Seems to be a common question that's a mystery

[@amalcharley2200]

Same question! Please let me know if you find the right answer. Thank you

[@youngjedi6857]

You get taxed on the money withdrawn

[@69smales69]

@@youngjedi6857 Thanks, did you go through a tax advisor or accountant or something to get this conclusion?

[@F4Y541]

@@youngjedi6857 can't I just withdraw below the specific band I'm aiming for, just to reduce amount of tax paid, despite trading in the tens of thousands?

[@youngjedi6857]

@@69smales69 id definitely go with a tax advisor

[@ElliotsM3]

Finally cleared that up! Gold! Happy Christmas Jason!

[@JasonGraystone]

same to you!

[@ieatwobblebassforbreakfast627]

As of now (April 2022), the HMRC website income tax page states profit below £12,570 is not subject to income tax, due to personal allowance.

[@ivianivanov2260]

simple question , there is only one broker provider in Europa who gives you chance to withdrawal your money direct in your Credit card and from there to bank account , yes traders pay taxes 😎😀😄

[@daveliane1]

Thank you Jason. This information was very helpful.

[@JasonGraystone]

Glad you got value from it

[@Ray88G]

amazing video . Just what i was looking for . ! loads of very useful information. !

[@JasonGraystone]

Lamonz88 excellent

[@kolinsin23]

Really handy video, thanks very much.

[@thattrader6486]

Great video, very informative!!! I'm into my 5th year trading now - my first 2 years were net losing years, my 3rd year was even there about's, last year I made a significant 98% return and when you finally realise why you went through all the struggles of becoming a trader it's so satisfying!! This year I'm up 70% Y on Y but I haven't touched my account since I became profitable, I just want to grow it. I already have an accountant as I'm self-employed but I really should start talking to them about the trading aspect of my life!! Great advice ! Thanks

[@PTOLEMY_22]

Danny Passant how did you find an accountant that had knowledge about forex as I can’t find one online ?

[@simonsaas20]

I love this video yet most bank accounts don't allow Traders starling any tips?

[@liampearsall9893]

If your a trader full time , your saying it’s best to have 2 accounts one with what you think you’ll be taxed and the other for profits ? But how will you know how much your gonna be taxed when you make a different amount each month ?

[@ianjresells]

Thanks very much for making this video, there's not much out there on this subject. Would you happen to know if you were trading a CFD account with overall profits & also have a spread bet account, do you think the SB account would have to pay taxes on.

[@bankinmypocket]

So insightful ...

[@ShoppingwithRina]

Great advice

[@harryokafor5955]

Please can you share the contact of the Accountant. Great video. Thanks

[@ryanjones819]

So I'm investing in S&P500 in a CFD account, am I right in saying I dont pay income tax when I withdraw my investment? What taxes do I pay? And what do I pay annually?

[@morganwilson6053]

For aid and assistance contact him privately on what's App 👇👇👇👇 9.1.8.6.0.0.0.7.4.9 (+1) country code

[@1ajayc]

Usually the spreads on spreadbets are HUGE compared to ECN CFDs

[@fumanrandom9478]

They are not crazy though, unless you trade tick charts, but yeh I prefer True ECN or STP and no MM or DD.

[@sd3116]

@@fumanrandom9478 MM/DD?

[@kiradotee]

29:33 haha, Zoom call mentioned in 2019! Didn't think it existed back then lol.

[@JasonGraystone]

Been using zoom since 2016!

[@selinagooglethestvekstrate8102]

Very educative tutorial with well detailed information I appreciate, *The Semyon Tchernenko Strategy* was the only way I was able to get results. look it up.

[@thecolonel1982]

Hi Jason what if you just spreadbet? Surely none of that is taxable?

[@ZimeEdits]

correct

[@JasonGraystone]

As the video states, there are limitations around spreadbetting.

[@BartoniGaming]

Such a graystone area! Nice video

[@05tsamra]

how about options trading

[@Nathisonke_capital]

This was top notch informative 🙏

[@gertoinetoonen6750]

awareness raised! Nice Jason, thx

[@JasonGraystone]

Excellent

[@russweaver1454]

Great vid thanks ,what a bloody mine field. and I though developing a consistent trading system was difficult ! LOL

[@69smales69]

Haha, trading is easy! Its the tax that is the ultimate task 😂

[@NeilAC78]

Why not have a primary CFD/ECN account (Capital Gains/Income tax) plus a Spread Bet account for tax free gambling? Surely the obvious solution?

[@dominicj]

So this video applies mainly to those in the uk?

[@paulbeades6681]

Excellent content. Thank You.

[@fishontv123]

I was going to do the FTMO challenge next year (since the 10% profit gain is the easy part if you use proper risk management), but im just afraid of what I am ACTUALLY going to make because I am then going to get taxed on my 70% profit split... not sure what the percentage on that would be though, probably another 30% taken away...

[@divinasi0n]

Did you actually figure out how much tax you have to pay as an FTMO funded trader making six figures a year in the UK? Nobody seems to know 🤦‍♂️. LLC? Sole trader?

[@fishontv123]

@@divinasi0n unsure, still haven't tried funding challenges yet, but did finally find a strategy to stick with

[@divinasi0n]

@FishOnTV (Jarod Valenti) since I asked, I found the answer in Matt To Million's video. The calculation is extremely complicated but you keep 69k on a 100k withdrawal - or 31% tax. The conversion rate on profits in USD over to GBP will incur a 20% loss too though right? 😒 Glad to hear you finally found a good strategy. I primarily trade ICT/Smart Money Concepts and its abslutely superb.

[@johnwoods719]

love the video bro

[@SoloBench]

The point of having a limited company is that you can pay a maximum of 20% tax - not related to employing people. Don't think that bloke really knows what he's talking about. Also, not all accountants are the same, a lot wont know the best approach for a trader. A better video would have been to give examples of when you're likely to be paying capital gains or self assessment and recommendations for accountants

[@JasonGraystone]

I wouldnt say they dont know what they are talking about. One has run a brokerage for 20 years and the other has built large accountancies. However, I do agree when you say they don't always approach your situation for your best outcome. They want an easily life. My accountant watched me become financially free and so did my financial advisor. They both still work every day.

[@simonsmith8322]

Gambling is either gambling or it is not. @25.00 Professional poker players do not pay tax on their winnings even when it is their sole source of income, this video information is wrong. Professional horse race betters do not pay tax on their winnings even when it is their sole source of income, Graham v Green (1925), UK law says so. HMRC website, states BM 22017, 22015, says spread betting is not a 'trade'. Even if it is their soul source of income, anyone who pays income tax when spread betting, unless a UK court orders them to, is a fool. I seriously doubt, HMRC would even try to make anyone spread betting pay tax, hence why there has been no proof of it ever happening.

[@lewisclark5815]

Is this the same as short term profits using options? And is this for the UK?

[@TuoiTreVaooi]

I have a question that I'm confused and can't find an answer anywhere.. Let say I makes hundred trade on forex, and whatever amount I gain or lost in that one hundred trade is tax? Or I only get tax if I withdraw the money from my account? This is a big confusing part for me.. Let say I make $100 dollar and I leave that $100 dollar in my account, do I get tax for that dollars sitting in my account? Or I only get tax when I withdraw that hundred dollar?

[@Seafox0011]

Re Spread Betting started as sports betting so the nominal notion is that its a gamble.

[@kungfudang7915]

Excellent video

[@blue7lvn245]

need to trim up the tash a bit, better not to cover the lip, will loook a lot slicker

[@JasonGraystone]

😂 Hard life!

[@TradingXAUUSD]

Thank u, I was asking everyone this a few days ago

[@JasonGraystone]

you are welcome!

[@prosperesin]

Best video ever👏🏾👏🏾👏🏾👏🏾👏🏾

[@Hsk736h]

So if you live in the UK and have a spread betting account which you're liable for losses in the account, you don't have to pay tax according to the UK gambling law. Correct?

[@MrA1wizard]

Ain't paying no tax. Trading itself is challenging so not tax man is coming to take my fruits of labor. Screw them. They can't offset losses so HMRC in UK are not bothered. Best place to trade is UK by the way!!!

[@Olivergt0]

If you live is US how can I connect with the Nexchain community here. I want 200k of my savings into it.

[@zerox2016]

Can you make a video on setting up a corporation(not anonymous shell) in places like British Virgin Islands or Panama where there is no tax on Forex capital gains

[@carot2003]

Interesting and helpful. Thank you..

[@thefirstassistant5062]

Hello sir. I have a question. What if u r using a broker that doesn't accept US residents and u r one of them but u r using it somehow!. When it comes to taxes is that can be a problem paying them?. Thanks

[@TheTraderGuy]

The reason this isn't covered is because there aren't that many people actually making money to begin with.

[@JasonGraystone]

Of course. But hopefully this is valuable for those that are making money. Most people don’t make money in any kind of business.

[@borntodoit8744]

I believe my broker says 85% lose money!! Of the 15% ...12% make Kennedy (50k pa) Your first priority is just be consistent in making regular profit. Then raise baseline to be more profitable. You have a few years under the HMRC radar to make money and not get taxed on it. Expect HMRC to find ways to tax you ...suggest buying good

[@MarkLindor]

hey jason, quick question, say you NEVER withdraw your forex profits from your broker and it just stays and builds up in your trading account, will you still be taxed?

[@bobkhanofficial220]

No sir if you don’t withdraw your funds from trading account into your personal account you don’t pay any tax.whenever you withdraw funds from trading account only then you work out your tax payment.

[@richardc691]

Any idea how taxes are affected if you trade for a prop firm?

[@Toshi0918]

I'd like to know this too

[@mariuszpietraszko2287]

Thank you,, great video

[@mariuszpietraszko2287]

Can you recommend any tax advisor ( accaccounting office)? Please

[@Savagejoe_exp]

Appreciate the video thanks!

[@toptens3498]

If I trade stocks with my own money and want to open a limited company run by only me to avoid high taxes, can I legally do that? That way I pay corporate tax at 19% and also take salary out.

[@morganwilson6053]

For aid and assistance Contact me privately on whatsapp 👇👇👇👇 9.1.8.6.0.0.0.7.4.9 (+1) country code

[@reverenddick8562]

.... amazing we got mad about a tea tax... but today's society is acceptable.

[@69smales69]

if trading is your primary source of income and you trade CFDS only is it still taxable through Capital gains tax or is it seen as income tax cos it's your only source of income ? This is the confusing aspect

[@69smales69]

@@dsdsdsdsdsds3139 Did you get more information on this mate? It's very subjective

[@raymond3855]

You should state which COUNTRY you are referring to in your title bar new guy.

[@SSEnrich]

Spread betting only exists in Britain, no?

[@ianjresells]

If you make a profit, lets say £100 on a trade, does that increase your turnover by £100? If you then lose £50 on the next trade, does your turnover figure get reduced by £50 or does your turnover stay the same and you have to claim back the loss?

[@vsyul6565]

you would class it as £100. then when it comes to the figures for the tax you would take away all loses for the year for that big figure.

[@JasonGraystone]

What you are referring to is an income statement. All of your revenue minus your expenses. Whatever the total profit is after this deduction "Earnings" you will pay tax on that at your rate of tax.

[@ianjresells]

@@JasonGraystone Do all your winning trades count towards the turnover figure & all your losing trades get put down as losses that you can claim back, so if you winning trades were £20000 and your losing trades were £17000, the turnover would be £20000 but your actual profit or gain would be £3000 (this is excluding any fees & commissions which I know are expenses)? Or would you class your turnover as £3000 which is winners minus losers ( and again just excluding the expenses for simplicity)?

[@ctolleyuk1796]

Fantastic Video 👌🏼

[@samjarea]

It seems, if you live in the UK you are better off Spread Betting, regardless of how much money you make. As HMRC realise that most traders lose money than make it they will not be chasing you for unpaid capital gains tax as it would open the flood gates for every trader who loses to make a claim for their losses!

[@JasonGraystone]

samjarea if you are going into trading expecting to lose then yes. But most traders I work with are serious.

[@samjarea]

@@JasonGraystone I'm not sure what you mean, can you please elaborate. Even Stuart Lane says 'that nowadays there is very little difference between the two', I have looked at the spreads on various platforms and compared the two (spread betting/ CFDs) and there really is not a significant difference in the cost of placing the trade by the time you have factored in CG tax. If I'm missing something then please put me straight. I would have thought your above statement would be more accurate in reverse, meaning, traders who are 'expecting' to lose would be more inclined to trade CFDs as they could then offset their losses! Please don't think I'm out to start an argument, as I really do value your knowledge...Also, Happy Christmas Jason.

[@borntodoit8744]

@@samjarea is simple mate CFD and SB "are identical" in terms of mechanics of what u do on what assets. The real difference is geographical. The world every trader trades using CFD In the UK traders trade using SB and CFD. Brokers offer CFD to UK traders only because they offer the same product world wide and want same platform for consistency. Brokers will encourage UK traders to move to CFD from SB but from a taxation point it's more expensive so not worth it (ie gambling profits are taxed at zero rate...u can't beat that). UK gambling laws are a quirk compared to worldwide gambling laws. Apart from taxation there is no material difference between SB and CFD here in the UK. Fill Ur boots in the UK as a SB trader not as a CFD trader.

[@samjarea]

@@borntodoit8744 Thanks, that is kinda what I thought. I would still like to hear Jason's explanation of his comment. I have been trading for 7 years, but only consistently profitable for 2 of them. I am serious about trading and this is my main income. I too looked into the tax implications of Spread betting and there has never been a spread better penalized for their winnings, no matter if it is their main income or not!

[@rizwan101]

Thank you.

[@sumaleephillips8019]

Thank you....good inside ... about the tax...

[@theunknown9495]

What would prop firm trading in the UK be taxed as? Would it be 10%?

[@LME8754]

Id like to know this also, did you find out?

[@CGeoC]

Does anyone have any good recommendations for some tax advisors with specialist knowledge in forex? (around Hertfordshire)

[@morganwilson6053]

Yes contact me Contact on whatsapp 👇👇👇👇 9.1.8.6.0.0.0.7.4.9 (+1) country code

[@Hsk736h]

Does a gambler who doesn't have any other income have to pay tax?

[@BenLinfordUK]

Gerry Cramer’s UK doppelgänger. 🇬🇧

[@tradingphp7360]

Thank you Jason!

[@JasonGraystone]

No problem.

[@B0NES1000]

Big thank you for this info.

[@JasonGraystone]

The Lastbwoyscout you’re welcome

[@memories-fh5fd]

what about trading in US futures?

[@topofmyhead7697]

Thank you , great content

[@JasonGraystone]

You are welcome!