Hi
I am retired and not working. I am living off savings and some small dividend paying investments, these dividend investments might increase going forward as I divest away from cash.
I intend to spread bet foreign exchange, at most a couple of times a day and some days not at all. This will be my main source of income.
Would the spread betting be subject to income tax or classed as gambling. I have been searching Google, etc and it seems to be a grey area when it's your main source of income. Have read comments and reports that HMRC has decided to use 'badges of trade' to prove that an individual was carrying out a trade and as such needs to pay income tax on spread betting when it's their only or main source of income.
HMRC website manuals BM 22015, BM 22017, BM 22020 seem to contradict those reports or though the manuals do not mention main source of income.
So is spread betting taxable when it's your main source of income? If not, do I still need to report any winnings to HMRC?
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