Spread betting forex account

[BellamyFX]

Hello, I have started trading forex using a spread betting account and I live in the UK, the broke I use is also based in the UK but has offices world wide.

Do I need to pay CGT on my trades and if not, do I even need to tell HMRC about my job? Do I need to register as self employed etc?

Thank you.

[Brian Clarke]

Spread betting is betting, not a business as such, or a job. Betting is free of income tax for the gambler - the reasoning behind this is, I believe, that if the gains were taxed, then the losses would have to be allowed as well. And as we know, the bookie wins.

If it ever gets to the point where you're making any serious money from it, you might get some pushback from HMRC, but at that point you should get expert advice.

CGT is not an issue, not least because that is essentially for one-off disposals of something, and what you're proposing is anything but a one-off.

Whatever you do, keep careful records of your bets, so you can demonstrate if necessary where the money came from.