Is spread betting taxable under any circumstances?

[saxbyt]

All of the spread betting companies boast about how profits from taking bets are tax free. Is this definitely the case regardless of how much one makes (assuming they are lucky enough to do so) and despite any or no other income please? The question assumes a UK resident.
Thanks.

[robbob]

Hello saxby

Presuming you do not use spreadbetting as part of another business activity then you will normally be ok.
See
http://www.hmrc.gov.uk/manuals/bimmanual/BIM22015.htm

The reason for this is that normally there is an equalish amount of people betting each way on the spread - so if you win it is likely that somone else has lost.
Unless the result is inside the spread - in which case both bettors lose - but the taxman is happy beacause the spreadbetting company pays taxes.
And every loser loses more than their equaivalent winner wins.

I think it is a statistic fact that a very high % of spread betters lose money - do not believe any of these get rich quick spreadbetting scheme claims - without doing thorough research.