Spread betting uk tax year
Forex trading tax laws in the U.K. are much more trader-friendly than the United States. Currently, spread betting profits are not taxed in the U.K. Spread betting is a derivative strategy, in which participants do not own the underlying asset they bet on, such as a stock or commodity. Financial spread betting is the tax-free way for UK residents to take advantage of rising and falling markets without having to buy an asset from the. LEGAL ONLINE BETTING STATES
A group only fills in one return for each accounting period to cover all group members. Accounting periods A standard accounting period is 3 whole calendar months starting on the first day of the first month and ending on the last day of the third month. If you prefer, you can apply to HMRC to follow non-standard accounting periods.
HMRC will only agree to non-standard accounting periods if you: first select a pattern of accounting periods based on four 3-month periods in 12 months each ending on the last day of a month then select 8 non-standard period end dates each period end date must be within 16 days before or after the date that would have been the standard end date If you wish to continue with non-standard accounting periods after the end of the eighth period you should, during the seventh period, give HMRC a further 8 non-standard period end dates.
Without this notification, you will automatically revert back to the standard accounting period after the eighth non-standard period. When to fill in returns and make payments You should fill in and send back your return with your payment no later than 30 days from the end of your accounting period. If the 30th day falls on a weekend or bank holiday, your return and payment are due by the end of the previous working day. You can fill in an online return using Gambling Tax Service GTS immediately after the end of your quarterly accounting period.
Read GTS online service guide for more information about using online services. Spread betting is a form of leveraged trading, which means that you can gain exposure to a financial instrument while putting down just a proportion of the full contract value. You should always bear in mind, however, that leveraged trading can lead to rapid losses and you can lose more than your initial deposit.
Please ensure you understand the risks involved. Spread betting tax benefits Make a profit from financial markets without paying any tax Profits from spread betting are not subject to UK Capital Gains Tax or stamp duty Tax treatment depends on your individual circumstances and may change in the future We must emphasise that spread betting is only tax-free under current UK tax law, which may change, and that ultimately your tax treatment will depend on your individual circumstances.
Say you buy Vodafone shares electronically at p per share. Now consider this transaction as a spread bet. Of course you might not make a profit, in which case there would be no deductions either way. And any losses from spread betting cannot be claimed as tax relief against other income.
But remember that with a physical share trade you have to pay the stamp duty reserve tax at the outset whether your trade goes on to make a profit or not.
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