Taxes
Hi everyone, i am new in this forum, also i can say i am new in trading- just 6 months experience, still reading, practicing and trying not to lose. I found all necessary information online, just one thing that no one talks about- taxes for government. Do u guys pay any of your profit from trading? My local government is always gundry "monster" they insist paying 15% from every penny we made annualy (even online trading, gambling).. there is a many logical ways to do not so, because these 15% hurts very much for example if you had 1 year of high losses and next year you starting just receive what you lost- still- pay taxes. it's not normal to me, i just want to know how it is in other countries.
Gambling income is not currently taxable in the UK since it is not considered a trade.
Precedent dates back to a ruling in Graham v Green in 1925 - http://www.hmrc.gov.uk/manuals/bimmanual/bim22017.htm
The judgement related to betting with a bookmaker in 1925 - before exchanges like BF/BD were created.
Study the words used - from that judgment the modern BF user who writes a lay book for the market selections could be construed as carrying on the trade of a bookmaker - or at least on that element of their "trading" !
IMO BF/BD users should be careful not to use the word "trading" or "bookmaking" or "bot" anywhere near an accountant or taxman in case you give them ideas.
Much better to be an addicted "gambler" from that point of view
Some interesting comments, thoughts on bots and rulings in other countries http://www.butler-co.co.uk/articles/Tax ... ch2012.pdf
Precedent dates back to a ruling in Graham v Green in 1925 - http://www.hmrc.gov.uk/manuals/bimmanual/bim22017.htm
The judgement related to betting with a bookmaker in 1925 - before exchanges like BF/BD were created.
Study the words used - from that judgment the modern BF user who writes a lay book for the market selections could be construed as carrying on the trade of a bookmaker - or at least on that element of their "trading" !
IMO BF/BD users should be careful not to use the word "trading" or "bookmaking" or "bot" anywhere near an accountant or taxman in case you give them ideas.
Much better to be an addicted "gambler" from that point of view
Some interesting comments, thoughts on bots and rulings in other countries http://www.butler-co.co.uk/articles/Tax ... ch2012.pdf